Evergrande, whose trading has been suspended for nearly four trading days, has new news this evening.
Evergrande Automobile-related subsidiaries have been asked to rescind the agreement and return about 1.9 billion yuan in rewards and subsidies due to failure to fulfill their contractual obligations in accordance with the relevant agreement, and are jointly and severally liable, Evergrande announced on May 22.
The unfulfilled contract faces a refund of 1.9 billion yuan.
On the evening of May 22, Evergrande announced that its subsidiary, Evergrande New Energy Automobile Investment holding Group Co., Ltd., and other subsidiaries (collectively referred to as "relevant subsidiaries"), recently received a letter from the relevant local administration (referred to as the "letter").
The letter shows that since April 29, 2019, the relevant subsidiary has signed a series of investment cooperation agreements with the relevant local administrative departments (referred to as the "relevant agreements"). Because the company fails to perform its contractual obligations in accordance with the relevant provisions of the relevant agreements, the relevant local administrative departments intend to require the relevant subsidiaries in accordance with the provisions of laws and regulations.Shortdeckpokerhandrankings1. Rescind the relevant agreementShortdeckpokerhandrankings2. The total amount of rewards and subsidies granted to the relevant local administrative departments is about 1.9 billion yuan, and the relevant subsidiaries shall be jointly and severally liable.
At present, the relevant subsidiaries plan to write to the relevant local administrative departments for coordination.
In addition, the announcement also said that trading in the company's shares has been suspended on the Stock Exchange from 10:56 on May 17, 2024 and will continue to be suspended until further notice.
The reporter noted that in intraday trading on May 17, the company's share price soared by more than 70%. As of that day, trading was suddenly suspended and the share price rose 53%.Shortdeckpokerhandrankings.23%, with a total market capitalization of 41Shortdeckpokerhandrankings. 2.1 billion Hong Kong dollars
A debt of 72.543 billion yuan
On April 5 this year, Evergrande disclosed that the "life-saving money" plan to introduce a $500m investment from Newton Group in the Middle East had been terminated. Evergrande lost about 12 billion yuan in 2023 and its total debt exceeded 72.5 billion yuan.
According to public data, as of December 31, 2023, Evergrande has delivered more than 1389 vehicles. Evergrande New Energy vehicle (Tianjin) Co., Ltd. officially produced a total of 1700 Hengchi 5 vehicles in September 2022.
According to Evergrande's 2023 annual report released on April 30th, last year's revenue was 1.34 billion yuan, an increase of 900.04% over the same period last year; a gross loss of 51 million yuan; a total net loss of 11.995 billion yuan, a decrease of 56.64% over the same period last year, of which the discontinued business (that is, the divestiture of real estate projects) lost 1.061 billion yuan and lost 11.995 billion yuan this year.
As of December 31, 2023, Evergrande automobile assets totaled 34.851 billion yuan, and Evergrande automobile liabilities totaled 72.543 billion yuan. Among them: the loan was 26.484 billion yuan, an increase of 498 million yuan over the same period last year.
Evergrande's 2023 annual report shows that recently, due to financial reasons, the group arranged for some staff to have a holiday and Tianjin factory suspended production. The Group will spare no effort to introduce strategic investors to actively raise funds to maintain the Group's survival and future development plans.
In addition, with the introduction of strategic investors and the availability of funds, the Group plans to continue to promote the development, verification and mass production of Hengchi's 5-year model and revamped model, Hengchi 6 and Hengchi 7. At the same time, according to market demand, the Group will continue to promote the research and development of new platforms and new models, and provide users with more forward-looking intelligent electric vehicle products that integrate technology and aesthetics. In terms of manufacturing, the Group will strive to improve the manufacturing level of the manufacturing base in Tianjin and ensure high-quality production and delivery; in terms of sales, the Group will further expand sales channels, open up overseas markets, and improve after-sales service. continue to enhance sales ability and user experience.
