Evergrande Automobile: Executive Director Liu Yongzhuo has been criminally detained in accordance with the law on suspicion of violating the law and committing crimes
Tencent Financial News Evergrande Automobile announced on the Hong Kong Stock Exchange that the company learned that its executive director Liu Yongzhuo had been criminally detained in accordance with the law on suspicion of violating the law and committing crimes. The Company has applied to the Stock Exchange for resumption of trading in its shares with effect from 1 p.m. on 8 January 2024.
Evergrande Automobile announcement
Introduction to Liu Yongzhuo
Caption: Liu Yongzhuo
Liu Yongzhuo is currently the President of Evergrande New Energy Automobile Group. He joined China Evergrande Group in December 2003 and has served as Vice President of China Evergrande, Chairman of Evergrande Football Club, Chairman of Evergrande Mineral Water Group and Chairman of Evergrande High-tech Group, and has more than 17 years of experience in real estate project investment and operation, sports business operation, financial innovation and multi-industry company operation and management.
Previously, Evergrande Automobile announced on the Hong Kong Stock Exchange that the Newton Group share subscription agreement and debt-to-equity swap subscription agreement had expired on December 31, 2023. The parties to Newton Group's Share Subscription Agreement and Debt-for-Equity Swap Subscription Agreement, as well as certain interested parties, have been and will continue to negotiate amendments to certain key terms of the proposed transaction and the debt-for-equity swap.
ON AUGUST 14, 2023, ELECTRIC VEHICLE COMPANY NWTNCLSBORD (NASDAQ: NWTN) ANNOUNCED THAT IT WILL MAKE A $500 MILLION INVESTMENT IN EVERGRANDE. Newton Group and Evergrande Auto have signed a share subscription agreement under which Newton will acquire approximately 27.5% of the total number of enlarged issued ordinary shares of Evergrande Auto upon completion of the transaction, and will have the right to nominate multiple members of the board of directors of Evergrande Auto, which will close in the fourth quarter of 2023. Newton stressed, however, that the transaction will be subject to customary and other closing conditions, including, but not limited to, the effectiveness of Evergrande's debt restructuring, confirmation of a debt repayment plan by certain creditors of Evergrande Auto and receipt of regulatory and shareholder approvals.