Evergrande New Energy Automobile Group Co., Ltd. (Evergrande Auto) has issued a profit warning, expecting a consolidated net loss of approximately 20.254 billion RMB in the first half of 2024, a significant increase compared to a net loss of 6.873 billion RMB in the same period of 2023. The expanded loss is mainly due to the parent company, China Evergrande Group, being put into liquidation by the High Court of Hong Kong on January 29, 2024. Evergrande Auto has therefore increased its provision for impairment of receivables from subsidiaries and joint ventures of China Evergrande Group, with a full provision of 16.737 billion RMB. The company emphasizes that the information contained in this announcement is based on a preliminary review of financial data and has not been...Show More

Evergrande New Energy Automobile Group Co., Ltd. (Evergrande Auto) has issued a profit warning, expecting a consolidated net loss of approximately 20.254 billion RMB in the first half of 2024, a significant increase compared to a net loss of 6.873 billion RMB in the same period of 2023. The expanded loss is mainly due to the parent company, China Evergrande Group, being put into liquidation by the High Court of Hong Kong on January 29, 2024. Evergrande Auto has therefore increased its provision for impairment of receivables from subsidiaries and joint ventures of China Evergrande Group, with a full provision of 16.737 billion RMB. The company emphasizes that the information contained in this announcement is based on a preliminary review of financial data and has not been audited by auditors or reviewed by an audit committee. The company will announce detailed performance for the first half of 2024 at the end of August 2024. The board of directors includes executive directors Mr. Xiaon, Mr. Cai Weikang, and independent non-executive directors Mr. Zhou Chengyan, Mr. Xie Wu, Mr. Liang Jiajin, and Mr. Wang Kenan.