Recently, Evergrande Automobile (0708.HK) announced that the shareholders' meeting has agreed to sell 47 of its real estate projects to China Evergrande and its subsidiaries. This means that Evergrande Automobile has completed the divestment of its real estate business and become a pure new energy vehicle company.
Evergrande Automobile divested its real estate business, concentrated resources to ensure Hengchi's R&D and production, and focused on the new energy vehicle track, which will help increase market valuation, gain favor from capital, and benefit the development of Hengchi Automobile.
At the same time, Evergrande Motors mentioned in the announcement that due to insufficient funds, its Tianjin factory has suspended production of the Hengchi 5 and plans to resume production in May, but it has not resumed production yet.
It is reported that Evergrande Auto released six Hengchi models at the same time during the 2020 Shanghai Auto Show, Hengchi 1, Hengchi 2, Hengchi 3, Hengchi 4, Hengchi 5, and Hengchi 6, covering sedans, Passenger car models such as coupes, SUVs, MPVs, and crossovers.
This was also the highlight moment of Evergrande Automobile, but soon thereafter, Evergrande Automobile turned from prosperity to decline. As the market value of Evergrande Automobile plummeted from a high in early 2021, the stock price dropped from a peak of HK$72 to today's 3.2 Hong Kong dollars.
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Editor: Zhang Ziji