China Evergrande New Energy Vehicle Group (HK:0708) has released an update.
China Evergrande New Energy Vehicle Group Limited has received demands from local authorities to terminate investment agreements and repay approximately RMB1.9 billion in incentives and subsidies due to a failure to meet contractual obligations. These demands could significantly affect the company’s financial position and operations. Consequently, trading of the company’s shares has been suspended since 17 May 2024 and will continue to be halted until further notice.
For further insights into HK:0708 stock, check out TipRanks’ Stock Analysis page.
