Summary by Futu AI
China Hengda New Energy Automobile Group Co., Ltd. (“Hengda Automobile”) announced on May 16, 2024 that its prospective seller has signed a non-legally binding agreement with an independent third-party buyer, which may sell its shares of approximately 58.5% of the issued shares. The transaction includes a potential buyer's credit support for Hang Dai Cars to fund its electric car business. HENGDAI AUTOMOBILE IS CURRENTLY SHORT OF FUNDS AND ITS TIANJIN PLANT HAS CEASED PRODUCTION SINCE THE BEGINNING OF THE YEAR. The company's shares have been suspended since May 17 and are expected to resume trading on May 27. The Board said that no further inside information is required to be disclosed at this time apart from this potential transaction. Evergrande will update monthly on the progress of the potential share transfer and remind interested parties to be aware of their obligation to disclose transactions under the Acquisition Code.