China Evergrande New Energy to Raise US$3.35 Billion via Share Placement
Dow Jones – China Evergrande New Energy to Raise US$3.35 Billion via Share Placement
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By P.R. Venkat
China Evergrande New Energy Vehicle Group Ltd. will raise 26 billion Hong Kong dollars (US$3.35 billion) via a share placement and use the proceeds on research and development and repayment of debt.
The company, which is engaged in the production and sales of new energy vehicles, has issued a total of 952.38 million shares for HK$27.30 each, at a 9.0% discount to their last traded price of HK$29.90, China Evergrande New Energy said late Sunday.
Shares have been placed to six China-based investors including Greenwoods Global Investment Ltd., and founder and Chairman of China Gas Holdings Ltd.
“The subscription can also strengthen the capital base of the company, accelerate the development of the new energy vehicle segment, and help realize the group’s strategic goal to become the world’s largest and most powerful new energy vehicle group,” the company said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
January 24, 2021 18:52 ET (23:52 GMT)
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Dow Jones – China Evergrande New Energy to Raise US$3.35 Billion via Share Placement
