Reported 5 months ago
Shares of China Evergrande New Energy Vehicle Group more than doubled after it was announced that liquidators representing major shareholders agreed to sell a stake in the electric vehicle maker. The non-binding deal involves a third-party buyer acquiring 29% stake with an option for 29.5% more, providing a financial lifeline to the cash-strapped EV unit. Earlier, the EV unit was demanded to repay subsidies, and its parent company, China Evergrande, faced liquidation due to its massive debt.
Source: YAHOO