EVERG VEHICLE (00708): Court Appoints Administrator for Bankruptcy and Liquidation of Tianjin Subsidiary; Trading Halt Continues

Stock News12-01

EVERG VEHICLE (00708) announced that it has received a ruling from the Tianjin Binhai New Area People's Court. According to the ruling, the court has appointed an administrator for the bankruptcy and liquidation of its indirect wholly-owned subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd., and issued directives regarding creditor claims and meetings.

The subsidiary, with a registered capital of RMB 4.1 billion, owns the group's Tianjin manufacturing base for smart mobility products. Production at the facility has been suspended since January 2024. Additionally, the company's shares remain suspended from trading.

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