Core Viewpoint - Evergrande Auto is facing significant financial distress, with its subsidiary in Tianjin entering bankruptcy proceedings, highlighting ongoing liquidity challenges and the need for asset sales to support operations [1][4][5]. Group 1: Bankruptcy Proceedings - The Tianjin subsidiary of Evergrande Auto has been accepted for bankruptcy and liquidation by the Tianjin Binhai New Area People's Court [1]. - This is not the first production base of Evergrande Auto to enter bankruptcy proceedings, indicating a broader issue within the company's operational structure [4]. - The registered capital of the Tianjin subsidiary is RMB 4.1 billion, and production at its facility has been suspended since January 2024 [1]. Group 2: Financial Challenges - Evergrande Auto continues to face liquidity challenges, with ongoing discussions with potential strategic investors not yielding results [4]. - The company has delayed the announcement of its 2024 financial results due to the inability to secure funding to support its operations [5]. - As of November 2023, Evergrande Group's total liabilities amounted to approximately RMB 2.47 trillion, with overdue debts reaching about RMB 316.39 billion [6]. Group 3: Shareholder and Market Impact - China Evergrande, the controlling shareholder of Evergrande Auto, was delisted from the Hong Kong Stock Exchange on August 25, 2023 [5]. - The stock price of China Evergrande fell to HKD 0.163 per share before its suspension, with a market capitalization of approximately HKD 21.52 billion [6]. - The liquidation process is ongoing, with the liquidators aiming to preserve and realize the group's assets to protect creditors' interests [6].
恒大汽车深夜公告！附属公司遭破产清算