Sep 19, 2020 01:45 AM

Evergrande New Energy Vehicle Plans STAR Market Listing

What’s new: Hong Kong-listed China Evergrande New Energy Vehicle Group Ltd. plans a secondary listing on Shanghai’s STAR Market, the company said Friday in a filling with the Hong Kong Stock Exchange.

The filing didn’t provide a fundraising goal or other details of the offering. Evergrande New Energy said Tuesday it also aims to raise HK$4 billion ($516 million) through a Hong Kong share sale to big-name investors including Tencent, Sequoia Capital and Didi Chuxing.

What’s the background: The vehicle arm of real estate giant China Evergrande Group changed its name Sept. 1 from Evergrande Health as it seeks to transform into an electric vehicle power.

With plans to become the world’s largest new-energy vehicle group within three to five years, Evergrande New Energy in August unveiled six purely electric models with a plan to roll out the first one in the second half next year.

Since 2019, China Evergrande has spent more than 20 billion yuan developing a complete new-energy vehicle industry chain, including production of vehicles, batteries, motors and power systems. The company recruited former BMW designer Anderson Warming as one of three prestigious consultants.

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Contact reporter Lu Yutong ( and editor Marcus Ryder (

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