Once listed, Evergrande New Energy Vehicle will be one of the first Chinese new energy vehicle companies to be listed on the STAR market.
Evergrande New Energy Vehicle Group, the carmaking arm of China's most prominent property developer China Evergrande, announced its Nasdaq-style sci-tech innovation board plans earlier, on September 18.
Evergrande issued an official announcement on September 26, stating that the board of directors has deliberated and approved a resolution on September 25, 2020, to propose CNY shares under a special authorization and related matters.
According to the announcement, the company intends to apply for an initial public offering of CNY shares and listing on the Shanghai Stock Exchange Science and Technology Innovation Board to allot and issue no more than 1,555,867,058 shares (before the exercise of the over-allotment option). It accounts for no more than 15% of the total number of CNY shares issued after expanding the number of shares issued.
The company intends to hold a general meeting of shareholders on October 20, 2020, to review the resolutions on the proposed issuance of shares and special authorization.
In June this year, Geely Automobile also announced its application for listing on the Star market, raising CNY 20 billion. Automakers such as Dongfeng Motor and WM Motor are also planning IPO's on the same market.