Asian Tech Press (Nov 10) -- China Evergrande's Ev unit announced in the Hong Kong Stock Exchange that the company signed a placing and subscription agreement with the placing agent on November 9.

About 175 million shares will be placed at HK$2.86 per share, and the total proceeds from the placing are expected to be about HK$500 million.

The announcement stated that the company intends to use the proceeds received specifically for the research and development and manufacturing of the Group's new energy vehicles to lay the foundation for the smooth production of Evergrande Auto's new energy vehicles.

It is reported that the placing shares represent approximately 1.79% of the total number of issued shares as of the date of this announcement and approximately 1.76% of the total number of enlarged issued shares upon completion of the new share issue.

($1 = 7.7840 Hong Kong dollars)