pennbattle3saltwater| Controlling party plans to sell 29% of its shares, Evergrande Motors resumes trading today
editor 2024-05-27 07:24:07 Home 35
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Cao Chen, a reporter from the Securities Times
Evergrande, whose license has been suspended since May 17, awaiting the release of inside information (00708Pennbattle3saltwaterHK) 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 Motors announced that on 16th May, the Company was aware that the joint and individual liquidators and representatives of China Evergrande Group (in liquidation), Evergrande Health Industry Group Limited, Acelin Global Limited (collectively referred to as the "potential Vendor") entered into terms and conditions with a third party buyer (potential Purchaser) independent of the Company and its associated 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 hold 6.348 billion shares together, 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 acquire 3.145 billion potential shares for sale immediately, accounting for approximately 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, the announcement showed that the company was aware that a credit agreement was mentioned in the terms and conditions. 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, the company is facing a serious shortage of funds. The company's Tianjin plant has stopped production since the beginning of this year, and so far, the plant 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.
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 an announcement on inside information issued by the company.
From the perspective of the secondary market, the share price of Evergrande Motor rose sharply before the suspension of trading. Evergrande jumped more than 73 per cent in the morning before suspending trading in Hong Kong at 10:56. Before suspending trading, Evergrande rose 53 per cent to HK $68.12 million, up 761 per cent from HK $7.91 million the previous day. Before the suspension, Evergrande had a total market capitalization of HK $4.121 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.
With regard to the matter, Evergrande said that at present, the relevant subsidiaries plan to write to the relevant local administrative departments for coordination.