Core Viewpoint - Evergrande Auto has received a court ruling regarding the bankruptcy and liquidation of its wholly-owned subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd, which is significant for the company's operational and financial status [1]. Group 1 - The Tianjin Binhai New District People's Court has appointed a manager for the bankruptcy and liquidation of the subsidiary [1]. - The registered capital of the subsidiary is RMB 4.1 billion, and it owns the manufacturing base for smart mobility products in Tianjin, which has suspended production since January 2024 [1]. - Evergrande Auto's shares will be suspended from trading on the Hong Kong Stock Exchange starting April 1, 2025, pending the release of its financial results and compliance with resumption guidelines [1]. Group 2 - As of the latest report, Evergrande Auto has a total market capitalization of HKD 1.8 billion [4].

Core Viewpoint - Evergrande Auto (00708) has received a ruling from the Tianjin Binhai New Area People's Court regarding the bankruptcy and liquidation of its indirect wholly-owned subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd. [1] Group 1 - The court has appointed a liquidator for the subsidiary and provided instructions for creditor claims and creditor meetings [1] - The registered capital of the subsidiary is RMB 4.1 billion, and it owns the manufacturing base for smart mobility products in Tianjin [1] - Production at the base has been suspended since January 2024 [1] Group 2 - The company's shares remain suspended from trading [1]

Core Viewpoint - Evergrande Auto has received a court ruling from the Tianjin Binhai New Area People's Court regarding the bankruptcy and liquidation of its indirect wholly-owned subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd [1] Group 1 - The court has appointed a manager for the bankruptcy and liquidation process of the subsidiary [1] - The registered capital of the subsidiary is RMB 4.1 billion, which owns the manufacturing base for smart mobility products in Tianjin [1] - Production at the manufacturing base has been suspended since January 2024 [1] Group 2 - The company's shares remain suspended from trading [1]

Core Viewpoint - Evergrande Auto has received a court ruling regarding the bankruptcy and liquidation of its indirect wholly-owned subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd [1] Group 1 - The Tianjin Binhai New Area People's Court has appointed a manager for the bankruptcy and liquidation process of the subsidiary [1] - The registered capital of the relevant subsidiary is RMB 4.1 billion, which owns the manufacturing base for smart mobility products in Tianjin [1] - Production at the base has been suspended since January 2024, and trading continues to be suspended [1]

Core Viewpoint - Evergrande Auto has received a court ruling from the Tianjin Binhai New Area People's Court, which has accepted creditors' bankruptcy and liquidation petitions against its wholly-owned subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd [4] Group 1 - The registered capital of the relevant subsidiary is RMB 4.1 billion, and it owns the manufacturing base for smart mobility products in Tianjin, which has suspended production since January 2024 [4] - The Guangzhou Planning and Natural Resources Bureau identified a piece of land as idle since June 9, 2021, due to corporate reasons, and has taken legal action based on the Idle Land Disposal Measures [4] - With the Tianjin factory's assets entering bankruptcy liquidation, both of Evergrande Auto's major vehicle manufacturing bases will be stripped, making the resumption of production increasingly unlikely [4]

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].

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].

Core Viewpoint - Evergrande Auto has received a ruling from the Tianjin Binhai New Area People's Court, which has accepted creditors' petition for bankruptcy and liquidation of Evergrande New Energy Vehicle (Tianjin) Co., Ltd [1] Group 1 - The registered capital of the relevant subsidiary is RMB 4.1 billion, which owns the manufacturing base for smart mobility products in Tianjin [1] - Production at the base has been suspended since January 2024 [1] Group 2 - At the company's request, its shares have been suspended from trading on the Hong Kong Stock Exchange since 9:00 AM on April 1, 2025, pending the publication of its outstanding financial results and compliance with resumption guidelines [1] - Trading will remain suspended until further notice [1]

Core Viewpoint - Evergrande Auto has received a court ruling from the Tianjin Binhai New Area People's Court, which has accepted a bankruptcy and liquidation petition from creditors against its wholly-owned subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd [1] Group 1 - The registered capital of the subsidiary involved in the bankruptcy is 4.1 billion yuan [1] - The subsidiary is the registered owner of the manufacturing base for smart mobility products located in Tianjin, which has suspended production since January 2024 [1] - The company's stock will continue to be suspended from trading [1]

Core Viewpoint - Evergrande Auto has announced that it has received a ruling from the Tianjin Binhai New Area People's Court, which has accepted a bankruptcy and liquidation petition from creditors against its indirect wholly-owned subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd. [1] Group 1 - The registered capital of the related subsidiary is RMB 4.1 billion [1] - The subsidiary is the registered owner of the manufacturing base for smart mobility products located in Tianjin [1] - Production at the base has been suspended since January 2024 [1]