China Evergrande New Energy Vehicle share soar on HK$26b funds raised

Business | 25 Jan 2021 7:45 pm

Shares in the electric vehicle unit of Chinese property giant Evergrande surged by 67 percent on Monday after the company raised significant funding through a new share sale, CNBC reports..

China Evergrande New Energy Vehicle Group surged to an all-time-high of HK$50, before paring some of those gains. Shares of the company closed at HK$45.35 Hong Kong dollars.

The stock rocketed after the Chinese electric car company issued 952.38 million shares to six investors at a price of HK$27.30 and raised net proceeds of HK$26 billion.

Last year, Evergrande showed off six new electric vehicles under a brand called Hengchi, with the hope of starting production this year. The company has not sold a single car yet.

In September, the company raised around 4 billion Hong Kong dollars through the sale of shares to investors including Chinese internet giant Tencent and ride-hailing service Didi.




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