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powerballnumbersforlastnightdrawing| Sudden! 29% of Evergrande Motors will be acquired and trading will resume tomorrow

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Evergrande, which announced its suspension on May 17 and is waiting for inside information, has attracted much attention from the market. Now, the issue that 29% of Evergrande's stake will be acquired immediately is gradually emerging.

On the evening of 26th May, Evergrande Motor announced that on 16th May, the company has known that the joint and individual liquidators entered into terms and conditions on behalf of China Evergrande Group (in liquidation), Evergrande Health Industry Group Co., Ltd., Acelin Global Limited (collectively referred to as the potential seller) and a third party buyer (potential purchaser) independent of the Company and its connected persons. Accordingly, the potential seller and the potential buyer may enter into a final sale and purchase agreement for the sale and purchase of shares in the company held by the potential seller. At the same time, the potential buyer is determined to be independent of the company and its related parties.

As of the date of announcement, potential sellers jointly hold 63Powerballnumbersforlastnightdrawing.4.8 billion Evergrande Motor shares, accounting for 58.5% of the company's total share capital (potential shares for sale). After reaching the sale and purchase agreement and subject to its terms and conditions, the initial plan is to immediately acquire 3.145 billion potential shares of Evergrande for sale, which account for about 29% of the company's issued shares. At the same time, there are another 3.203 billion potential shares for sale, accounting for 29.5% of the company's issued shares, which will be an option for potential buyers for a certain period of time after the date of the sale and purchase agreement.

At the same time, Evergrande's announcement shows that the company is aware of the reference in the terms and conditions.PowerballnumbersforlastnightdrawingA credit agreement was signed. Under the agreement, potential buyers (or third parties designated by them with the consent of the company) will provide credit lines to the company to support the continued operation of the group and to promote the development of the group's electric vehicle business.

At present, Evergrande is facing a serious shortage of funds. Its plant in Tianjin has stopped production since the beginning of this year. So far, the factory has not resumed production.

The notice also pointed out that once the sale and purchase agreement is formally signed, it may trigger the liability of a mandatory comprehensive offer. According to the relevant provisions of the acquisition Code, the contract period will be counted from the date of this announcement. In addition, the company will apply to the Stock Exchange for the resumption of trading in its shares on the Stock Exchange with effect from 9: 00 a.m. on 27 May 2024.

powerballnumbersforlastnightdrawing| Sudden! 29% of Evergrande Motors will be acquired and trading will resume tomorrow

In retrospect, Evergrande suspended trading in Hong Kong on May 17. After that, Evergrande also announced on the Hong Kong Stock Exchange that, at the request of the company, trading in the company's shares would be temporarily suspended on the Stock Exchange of Hong Kong Limited from 10:56 on May 17, 2024, pending the announcement of inside information by the Company.

From the perspective of the secondary market, the share price of Evergrande Motor rose sharply before the suspension of trading.

According to market data, Evergrande jumped short in the morning and opened high, soaring more than 73 per cent in intraday trading to 10:56 Evergrande suspended trading in Hong Kong. Before suspending trading, Evergrande rose 53 per cent to HK $68.12 million, up 761 per cent from HK $7.91 million on the previous day. Before the suspension, Evergrande had a total market capitalization of about HK $4.1 billion.

It is worth mentioning that a few days ago, Evergrande was asked to refund 1.9 billion yuan of incentives and subsidies also aroused market concern. Evergrande Automobile announced on the evening of May 22nd that Evergrande New Energy Automobile Investment holding Group Co., Ltd., a subsidiary, was asked by the relevant local government to rescind the investment cooperation agreement and return a total of about 1.9 billion yuan in awards and subsidies.

The announcement shows that Evergrande Automobile subsidiary Evergrande New Energy Automobile Investment holding Group Co., Ltd. and other subsidiaries have signed a series of investment cooperation agreements with relevant local administrative departments since April 29, 2019, according to letters sent by the relevant local administrative departments. Due to the company's failure to perform its contractual obligations in accordance with the relevant provisions of the relevant agreement, the relevant local administrative departments intend to require the relevant subsidiaries to rescind the relevant agreements in accordance with the provisions of the Civil Code of the people's Republic of China and other Chinese laws and regulations, return a total of about 1.9 billion yuan of awards and subsidies to the relevant local administrative departments, and the relevant subsidiaries shall be jointly and severally liable.

With regard to the matter, Evergrande said that at present, the relevant subsidiaries plan to write to the relevant local administrative departments for coordination. At the same time, Evergrande acknowledges that the final implementation of the above letter requirements will have a significant adverse impact on the financial position and operation of the company or its relevant subsidiaries. The company will timely fulfill its disclosure obligations in accordance with the provisions of the listing rules, and require the relevant subsidiaries to actively communicate and properly handle them in accordance with the guidelines of the letter.

From the perspective of operating results, Evergrande achieved a total income of 1.34 billion yuan in 2023, of which more than 1.1 billion yuan came from property sales; the annual loss was as high as 11.995 billion yuan, narrowing the loss of 27.664 billion yuan compared with the previous year. Statistics show that since the start of car construction in 2019, Evergrande has lost more than 100 billion yuan and delivered more than 1389 vehicles by the end of last year.

By the end of last year, Evergrande had total assets of 34.851 billion yuan and liabilities of 72.543 billion yuan, of which 26.484 billion yuan was borrowed, 43.012 billion yuan in trade and other payables and 3.047 billion yuan in other liabilities. Evergrande accumulates about 9.447 billion yuan in outstanding debts due; on December 31, 2023, the group's overdue commercial bills accumulated about 3.401 billion yuan. In addition, there are 68 outstanding litigation cases with a target amount of more than 30 million yuan, with a total amount of about 13.608 billion yuan.

Previously, Evergrande admitted that it was facing financial difficulties, and the company said that it would spare no effort to introduce strategic investors to actively raise funds to maintain the group's survival and future development plans. Whether the company can continue to operate or not will depend on the group's ability to generate sufficient financing and operating cash flow through some aspects, and to successfully implement and complete the business and operation restructuring plan and financing plan.

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