Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Evergrande's EV unit terminates plans to issue RMB shares

Published 09/26/2021, 08:15 AM
Updated 09/26/2021, 08:20 AM
© Reuters. FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song
USD/CNH
-

HONG KONG (Reuters) - China Evergrande's electric car unit said on Sunday it will not proceed with plans to issue RMB shares on the Science and Technology Innovation Board of the Shanghai stock exchange.

In a statement to the Hong Kong stock exchange, China Evergrande New Energy Vehicle Group said that after careful consideration the company and Haitong Securities had agreed to terminate the agreement to issue RMB shares.

On Friday, China Evergrande New Energy Vehicle Group warned it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer's liquidity crisis is worsening in other parts of its business.

Latest comments

Fecal matter hitting fan and splattering on markets because credit crunch is here …. But , this will be ignored like rip in titanic hull was before it tipped up and sank 2 miles
auto sector crash
Why on earth would that lead to an auto sector crash? They are no issuing shares as i assume they realize no one would be wanting to buy them given their parent company struggles
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.