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Loss making Evergrande’s Electric Vehicle subsidiary to raise $516 million from investors including Tencent
China Evergrande New Energy Vehicle Group, a subsidiary of real estate conglomerate China Evergrande Group, is bringing a group of big-name investors including Tencent, Sequoia Capital and Didi Chuxing on board through a share sale which should raise HK$4 billion ($516 million).
China Evergrande New Energy Vehicle Group said that its controlling shareholder, China Evergrande Group, plans to sell 176 million existing shares priced at HK$22.65 each, representing a 19.96% discount to Monday’s closing price of HK$28.3, according to a stock filing published Tuesday. After the deal, China Evergrande Group would see its holding drop to 72.95% from 74.99%.
The proceeds from the share sale will be used for general corporate purposes, the filing said.
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