HONG KONG : Shareholders of China Evergrande New Energy Vehicle Group accepted a proposal to dispose of two subsidiaries in a restructuring, according to a filing with the Hong Kong stock exchange on Friday night.
The EV unit on April 25 announced the plan to sell two debt-laden companies to another unit under China Evergrande as part of the auto firm's restructuring. The deal would help the EV unit focus on the new energy vehicle segment and could help improve its valuation and eventually"may help to attract investors to Evergrande Auto and raise funds", said a separate filing by the group company.
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