Evergrande NewEnergy Vehicle Group, the car making arm of China's biggest property developer China Evergrande, announced on September 18 that it intends to issue RMB shares on China's Nasdaq-style sci-tech innovation board, also known as the STAR market.
Once listed, Evergrande NewEnergy Vehicle will be one of the first Chinese new energy vehicle companies to be listed on the STAR market.
In June this year, Geely Automobile also announced its application for listing on the STAR market, which will raise RMB 20 billion. In addition, automakers such as Dongfeng Motor and WM Motor are also applying for IPO on the STAR Market.
Unlike Geely's traditional status, Evergrande NewEnergy Vehicle focuses on new energy vehicles. By integrating global resources, Evergrande has the world's top technologies in advanced vehicle manufacturing, 3.0 chassis architecture, powertrain and other fields, and has set up the world's most advanced intelligent manufacturing bases in Shanghai, Guangzhou and other places.
In early August, the first six Evergrande models were released at the same time, and will begin mass production in the second half of next year.
On Tuesday, Evergrande NewEnergy Vehicle made an announcement on the Hong Kong Stock Exchange, announcing the introduction of a number of well-known international investors, including Tencent Holdings Ltd, Sequoia Capital, Yunfeng Fund and Didi Chuxing, to raise about HK$4 billion.
