Core Viewpoint - Evergrande Auto is facing significant financial distress, with multiple subsidiaries undergoing bankruptcy proceedings, leading to a suspension of trading on the Hong Kong Stock Exchange and a drastic decline in financial performance metrics [1][3][5]. Group 1: Bankruptcy Proceedings - The Tianjin Binhai New District People's Court has accepted a bankruptcy and liquidation application for Evergrande New Energy Vehicle (Tianjin) Co., Ltd., a subsidiary of Evergrande Auto [1]. - The Shanghai Third Intermediate People's Court has appointed a manager to oversee the bankruptcy liquidation process for Evergrande Hengchi New Energy Vehicle (Shanghai) Co., Ltd. due to the company's inability to secure funding for ongoing operations [3]. - The trading of Evergrande Auto's shares has been suspended since April 1, 2025, pending the release of its financial results and compliance with resumption guidelines [1][3]. Group 2: Financial Performance - As of June 30, 2024, Evergrande Auto reported revenues of RMB 38.377 million, a year-on-year decrease of 75.17%, and a gross profit of RMB 2.433 million, down 103.99% year-on-year [5]. - The net loss for the company reached RMB 20.257 billion, representing a year-on-year increase in losses of 194.73% [5]. Group 3: Market Reactions - Prior to the suspension of trading, Evergrande Auto's stock price surged by 200% due to rumors of a potential acquisition of its Nansha factory by GAC Group's Huawang project, which were later denied by both parties [3]. - The board of directors of Evergrande Auto acknowledged the recent increase in stock price and trading volume but stated they were unaware of any reasons or information that would necessitate disclosure to prevent market misinformation [5].
恒大汽车又一附属公司遭破产清算，股票继续停牌