China Evergrande New Energy Vehicle Group rebounded nearly 60% in Hong Kong to close at HK$1.98, after slumping more than 60% last Friday, the first trading day after trading resumed.
The NEV unit of the embattled property developer China Everngrande Group had said last week that, with the launch of the Hengchi 5 model and the total delivery of more than 1,000 vehicles so far, the company’s revenue has become more viable and sustainable.
However, on top of the income generated by the NEV business in the future, the company also planned to raise about $500 million through equity and/or debt financing to meet the capital needs of the production and sales of Hengchi 5 and the company’s normal operations.
