China Evergrande’s EV stock sale deal falls through By Reuters

© Reuters. Panoramic view of China Evergrande New Energy Vehicle Group’s electric vehicle (EV) factory located in Tianjin, China, on October 20, 2021. REUTERS/Yilei Sun/file photo

Posted by Summer Zhen

HONG KONG (Reuters) – China-to-China stock sale planned Evergrande (HK:) New Energy Vehicle Group, the electric vehicle arm of property developer China Evergrande and US-listed NWTN have been liquidated, according to a filing to the Hong Kong Stock Exchange on Monday.

Since neither party has agreed to extend the long-term suspension deadline, which is the last day of 2023, Evergrand New Energy Vehicle said NWTN’s share subscription and loan conversion subscription agreement is no longer valid.

In an announcement in August, the electric vehicle subsidiary said it had agreed to issue 6.18 billion new shares worth a total of HK$3.89 billion ($498.2 million) to Dubai-based mobility company NWTN.

($1 = 7.8086 Hong Kong dollars)