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© Reuters. FILE PHOTO: The corporate emblem is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Track/File Picture/File Picture
HONG KONG (Reuters) – A share sale plan between China Evergrande (HK:) New Vitality Car Group, the electric-vehicle arm of embattled property developer China Evergrande and U.S.-listed NWTN has been halted, in accordance with a Hong Kong bourse inventory submitting on Sunday.
The suspension of the share subscription deal was because of “vital uncertainties” tied to the Evergrande group, the submitting by the Chinese language agency stated.
Beforehand, Evergrande stated investigations had been initiated towards the father or mother firm, its founder and senior executives, whereas the agency’s debt restructuring plan has additionally been derailed.
In an announcement in August, the electric-vehicle subsidiary stated it had agreed to challenge 6.18 billion new shares to Dubai-based mobility firm NWTN for a complete consideration of HK$3.89 billion ($496.72 million), implying a subscription worth of HK$0.6297 per share.
Buying and selling in shares of the China Evergrande New Vitality Car Group, which have been suspended on Sept. 28, will resume on Monday, the Sunday submitting stated.
($1 = 7.8313 Hong Kong {dollars})
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