Every editor Zhang Jinhe
On the evening of May 22freespinpokerslots, Evergrande Automobile (HK0708, stock price 0freespinpokerslots.38 Hong Kong dollars, market value 41freespinpokerslotsHK$.21 billion) announced on the Hong Kong Stock Exchange that the company's subsidiary, Evergrande New Energy Vehicle Investment Holding Group Co., Ltd.("Evergrande Automobile Holdings" and other subsidiaries of the company, collectively referred to as the "Relevant Subsidiaries"), recently received a letter issued by relevant local administrative departments.
Relevant subsidiaries have signed a series of investment cooperation agreements with relevant local administrative departments since April 29, 2019. As the company failed to perform its contractual obligations in accordance with the relevant terms of the relevant agreement, the relevant local administrative department plans to require the relevant subsidiaries to: cancel the relevant agreement in accordance with the Civil Code of the People's Republic of China and other Chinese laws and regulationsfreespinpokerslots; Return various awards and subsidies issued totaling approximately RMB 1.9 billion to relevant local administrative departments, and relevant subsidiaries shall bear joint and several liability to each other. Currently, relevant subsidiaries plan to send letters to relevant local administrative departments for coordination. Trading in the company's shares will continue to be suspended until further notice.
On March 27, Evergrande Motor announced its full-year results announcement on the Hong Kong Stock Exchange. The announcement shows that Evergrande Automobile's revenue in 2023 will be 1.340 billion yuan, a year-on-year increase of 900.04%; the gross loss will be 51 million yuan; the total net loss will be 11.995 billion yuan, a year-on-year decrease of 56.64%. Among them, the loss of business terminated (i.e., divestment of real estate projects) will be 1.061 billion yuan, non-operating losses such as asset disposal and asset impairment will be 6.384 billion yuan, and operating losses will be 4.550 billion yuan.
According to the announcement, as of December 31, 2023, the Group's cumulative losses and shareholder losses were 110.841 billion yuan (2022: 98.906 billion yuan) and 37.693 billion yuan (2022: 68.651 billion yuan) respectively. Cash and cash equivalents as at December 31, 2023 were 129 million yuan (2022:220 million yuan).
Evergrande Motor stated in the announcement that the directors have reviewed the Group's cash flow forecast prepared by the Company's management. The cash flow forecast covers a period of no less than 12 months from December 31, 2023. They believe that taking into account the above plans and measures, the Group will have sufficient working capital to fund its operations and meet financial obligations that fall due within 12 months from December 31, 2023.
As of December 31, 2023, the Tianjin manufacturing base has produced Hengchi 5 according to market demand, with a total of 1700 vehicles being produced and a total of more than 1389 vehicles being delivered. Recently, due to financial reasons, the group arranged for some personnel to take vacations and suspended production at the Tianjin factory.
Daily Economic News Comprehensive from Evergrande Automobile Announcement
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