Outburst! Evergrande Intelligent Automobile was filed for bankruptcy reorganization

National Business Daily

2024-07-28 20:47Published on the official account of Sichuan Daily Economic News

Edited: Huang Sheng

On the evening of July 28, Evergrande Automobile (HK0708, stock price HK$0.335, market value HK$3.633 billion) Hong Kong Stock Exchange announced that the company's subsidiaries Evergrande New Energy Automobile and Evergrande Intelligent Vehicle (related subsidiaries) received a notice issued by the relevant local people's court on July 26, 2024, and the main content is hereby announced as follows: Individual creditors of the relevant subsidiaries applied to the relevant local people's courts for bankruptcy reorganization of the relevant subsidiaries on July 25, 2024. The above-mentioned notice has a significant impact on the production and business activities of the Company and its related subsidiaries.

Image source: Photo by reporter Huang Xinxu

On the evening of June 27, Evergrande Automobile announced that Evergrande Health required the board of directors to immediately convene a general meeting of shareholders and hold a general meeting of shareholders within the time specified in Article 567 of the Company Ordinance, in order to consider and approve the ordinary resolution on the proposed appointment of three directors, Cai Weikang, Liang Jiajin and Wang Kenan, and the removal of executive directors Liu Yongzhuo, Qin Liyong and any positions they hold in the company, with immediate effect.

It is worth noting that Liu Yongzhuo was criminally detained in accordance with the law at the beginning of this year.

On the evening of March 27, Evergrande Automobile disclosed its 2023 financial report. According to the financial report, as of December 31, 2023, Evergrande Automobile's cumulative loss has reached 110.841 billion yuan, of which the loss in 2023 is about 12 billion yuan. As of the end of 2023, Evergrande Automobile's total assets were 34.851 billion yuan, and its total liabilities were 72.543 billion yuan, of which 26.484 billion yuan were borrowed, and in the same period, Evergrande Automobile's cash and cash equivalents were 129 million yuan, which was far from enough to cover the borrowings.

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