Evergrande Motors said late at night: Discussions on potential share transfers are still ongoing

News on June 27. According to news on June 26, Evergrande Motors pointed out in an announcement issued in the evening that discussions on potential share transfers are still ongoing, but a specific purchase and sale agreement and credit agreement have not yet been reached. Evergrande Automobile also stated in the announcement that since further due diligence and agreement signing are required, the transaction is still uncertain, so shareholders and potential investors are advised to remain cautious when purchasing shares.

1. Previously, Evergrande Motors disclosed a potential share sale plan to the public on May 26 and applied for resumption of trading the next day. The announcement at the time showed that the company’s joint and individual liquidators represented China Evergrande Group (in liquidation), Evergrande Health Industry Group Co., Ltd., Acelin Global Limited (collectively, the potential seller) and a company director who was informed by the company’s directors after making all reasonable enquiries. , a third-party buyer (potential buyer) who is informed and believed to be independent of the company and its affiliates enters into a term sheet, according to which the potential seller and the potential buyer may enter into a final purchase and sale agreement for the purchase and sale of the company's shares held by the potential seller. The potential buyer also plans to provide loans to Evergrande Auto to support the continued development of its electric vehicle business.

2. Evergrande Automobile admitted in the announcement that the company is currently facing a shortage of funds, and its Tianjin factory has stopped production since the beginning of this year. In addition, the company's recent financial report data shows that as of the end of 2023, Evergrande Automobile has accumulated losses of more than 110 billion yuan, and it lost about 12 billion yuan last year alone. Its total liabilities are as high as 72.543 billion yuan, while cash and cash equivalents are only 129 million yuan, which obviously cannot cover existing borrowings. -->

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