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Evergrande's EV unit terminates plans to issue RMB shares

Stock MarketsSep 26, 2021 08:20AM ET
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© 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

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.

Evergrande's EV unit terminates plans to issue RMB shares
 

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Comments (2)
William Bailey
William Bailey Sep 26, 2021 6:25PM ET
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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
BLIZZARD IcE
BLIZZARD IcE Sep 26, 2021 10:45AM ET
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auto sector crash
MS MS
MS MS Sep 26, 2021 10:45AM ET
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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
 
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