Menu
KrASIA
News

After raising USD 516 million, Evergrande Auto plans to list on the Star Market

Written by Song Jingli Published on 

Share
Evergrande Auto in August unveiled its first ever six new energy vehicle models under the Hengchi brand, but hasn’t yet started to produce them at scale.

Hong Kong-listed Evergrande Auto (HKG: 0708) has proposed to issue shares on the Science and Technology Innovation Board of the Shanghai Stock Exchange, also known as the Star Market, according to a filing on Friday. The company did not mention the purpose for the secondary listing, or disclose any other information.

Earlier this week, the EV maker disclosed that it would sell HKD 4 billion (USD 516 million) shares to investors including Tencent, Sequoia Capital, Jack Ma-backed YF Capital, and Didi Chuxing. Evergrande Auto is controlled by Chinese real estate developer China Evergrande Group, a latecomer in the EV sector with a vision to become the world’s biggest electric vehicle maker in three to five years.

To realize this dream, the company has to compete in a crowded market, with players including Tesla (NASDAQ: TSLA), Nio (NYSE: NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ: LI). Evergrande Auto in August unveiled its first ever six new energy vehicle models under the Hengchi brand, including sedans, SUVs, multi-purpose vehicles, and crossovers, but hasn’t yet started to produce them at scale.

In the 2019 annual report, the company pledged to start mass production in 2021, adding that it has 15 models in the pipeline.

Share

You might like these

  • News

    EV maker Faraday Future raises USD 45 million in debt financing

    By 

    Song Jingli

    16 Oct 2020    10:09 AM

KrASIA InsightsKrASIA Insights

  • They are not made of flesh and blood, but with their perfect looks and polished personalities, virtual influencers like Ava are breaking new ground.

    Q&A

    ‘I’m as real as you think I am’: Q&A with Ava Gram, virtual influencer

    By Yin Lin Tan

    20 Oct 202005:07 AM

Most PopularMost Popular

See All