China Evergrande plans sale of $1.4b new energy vehicle unit shares

Reuters

China Evergrande Group placed 260 million shares, or 2.66% of issued share capital, of China Evergrande New Energy Vehicle Group Ltd for HK$10.6 billion ($1.36 billion), the Chinese property developer said in a filing to the Hong Kong bourse on Thursday.

Placing of the shares serves to reduce the shareholding ratio of the top 20 shareholders of Evergrande Vehicle to below 90%, fulfilling the conditions for the new energy vehicles manufacturing unit to participate in the Hong Kong Stock Connect in the next step, the property developer said.

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