The Zhitong Finance App learned that Evergrande Auto (00708) is now down nearly 7%. As of press release, it is down 5.81% to HK$0.405, with a turnover of HK$2.145,300.

According to the news, Evergrande Auto announced that discussions between the potential seller, potential buyer and the company are still ongoing, but the potential seller and potential buyer have yet to sign a sales agreement, and the potential buyer and the company have yet to sign a credit agreement.

According to reports, at the end of last month, Evergrande Motor announced that it had found an investment. Its 3.145 billion potential shares for sale will be immediately acquired, and 3.203 billion potential shares for sale will be the subject of a potential buyer's right to exercise an option within a certain period of time after the date of the sale agreement. The potential buyer will provide the company with a line of credit to fund the Group's continued operation and development of the Group's electric vehicle business.

Notably, the company previously announced that its subsidiary Evergrande New Energy Vehicle Investment Holding Group Co., Ltd. recently received a letter from the relevant local administration requesting the cancellation of a series of previously signed investment cooperation agreements and the return of the various incentives and subsidies already issued totaling about 1.9 billion yuan. Meanwhile, the subsidiary Tianjin Evergrande plans to be ordered to stop producing and selling new energy vehicles.