Evergrande Automotive Division Withdraws From Listing In Shanghai

The China Evergrande New Energy Vehicle (NEV) Group has indefinitely postponed its listing on Shanghai’s STAR Market, according to Nikkei, a subsidiary of the $ 300 billion Chinese holding company Evergrande Group, which is now desperately struggling to survive. NEV brings together the electric vehicle business and healthcare services. In the second quarter of this year, the division posted a loss of $ 743 million, and almost all of its revenue came from the healthcare business. The company announced its intention to list in Shanghai last September. She hoped to sell 1.6 billion shares. However, last Friday NEV said it no longer guarantees the fulfillment of its debt obligations, experiencing “serious problems” with cash, in connection with which it is urgently looking for potential investors. The company added that due to lack of funds, its suppliers have stopped supplying materials needed for production, and therefore‚Ķ.

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