China Evergrande’s EV share sale deal lapses

By Summer Zhen

HONG KONG (Reuters) – A share sale plan between China Evergrande (HK:) New Energy Vehicle Group, the electric vehicle arm of property developer China Evergrande, and U.S.-listed NWTN has lapsed, according to a Hong Kong stock exchange filing on Monday.

As neither party agreed on the extension of the long stop date, which is the last day of 2023, Evergrande New Energy Vehicle said the share subscription and loan conversion subscription agreement by NWTN are no longer valid.

In an announcement in August the electric vehicle subsidiary said it had agreed to issue 6.18 billion new shares to Dubai-based mobility company NWTN for a total HK$3.89 billion ($498.2 million).

($1 = 7.8086 Hong Kong dollars)