Evergrande EV Unit Falls After $347 Million Share Sale
- Equity sale was the second effort to raise cash this month
- Evergrande is taking wide-ranging efforts to ease liquidity
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China Evergrande Group’s electric-vehicle unit fell after selling HK$2.7 billion ($347 million) of stock at a discount to bolster its finances as it seeks to put delayed vehicles into production.
China Evergrande New Energy Vehicle Group Ltd. sold 900 million shares at HK$3 each, 15% below Friday’s closing price in Hong Kong, according to a statement from the Guangzhou-based company. The stock, representing 9% of the firm, was sold to at least six investors, the company said. The shares fell to as low as HK$3.42 in early trading on Monday after the sale, which adds to the $64 million it raised on Nov. 10.