Summary by Futu AI
Hang Tai Motor (Heng Tai New Energy Automotive Group Co., Ltd., and its subsidiaries) recently received a letter from the relevant local government departments stating that the investment cooperation agreement signed since 29 April 2019 failed to fulfill its contractual obligations. The administration demanded that Hengda Motor cancel the agreement and return about RMB19 billion in bonuses and subsidies. If implemented, this requirement could have a material adverse effect on the financial condition and operations of Hang Tai Motor and its related subsidiaries. Evergrande plans to coordinate a letter to the Administration and will fulfill its disclosure obligations under the Listing Rules. In addition, at the request of Hang Dai Motor, its shares have been suspended from 17 May 2024 until further notice. Shareholders and potential investors should act with caution.