Core Viewpoint - Evergrande Auto is facing significant liquidity challenges, leading to the suspension of trading and delays in financial reporting, while exploring asset sales to support operations [1][3][5] Group 1: Financial Challenges - The company has not allocated resources to hire auditors for the fiscal year ending December 31, 2024, resulting in delays for the interim results expected by June 30, 2025 [3][11] - As of June 30, 2024, Evergrande Auto reported revenues of 38.377 million, a decrease of 75.17% year-on-year, and a net loss of 20.257 billion, an increase in loss of 194.73% compared to the previous year [7][17] - Total assets were reported at 16.369 billion, with cash and cash equivalents of only 39 million, while total liabilities reached 74.35 billion [7][17] Group 2: Operational Issues - Several subsidiaries of the company are undergoing bankruptcy proceedings, with courts appointing managers and approving restructuring plans [1][5] - The company has only launched one model, Hengchi 5, and is facing production halts and significant debt pressure [7][17] Group 3: Strategic Moves - Evergrande Auto is actively seeking strategic investors or buyers to alleviate liquidity issues and facilitate restructuring, but has faced challenges in the current market environment [3][12] - The company is also looking to appoint independent non-executive directors to fill vacancies and comply with listing rules [9][19]
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