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China Evergrande New Energy Vehicle Group ( (HK:0708) ) has issued an update.
China Evergrande New Energy Vehicle Group Limited has announced that its subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd., is undergoing bankruptcy and liquidation proceedings as per a ruling by the People’s Court of Binhai New District of Tianjin. This subsidiary, which owns the Group’s manufacturing base in Tianjin, has had its production suspended since January 2024. Additionally, trading in the company’s shares on the Hong Kong Stock Exchange remains suspended due to pending financial results and resumption guidance, indicating ongoing financial challenges and uncertainty for stakeholders.
More about China Evergrande New Energy Vehicle Group
China Evergrande New Energy Vehicle Group Limited operates in the automotive industry, focusing on the development and manufacturing of smart mobility solutions. The company is part of the larger Evergrande Group and is engaged in producing new energy vehicles, with a significant manufacturing base in Tianjin.
YTD Price Performance: -19.05%
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$1.84B
For an in-depth examination of 0708 stock, go to TipRanks’ Overview page.