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China Evergrande's EV share sale deal lapses

Reuters · 1y ago

China Evergrande's EV share sale deal lapses

China Evergrande New Energy Vehicle Group's share sale plan with U.S.-listed NWTN has expired, according to a filing with the Hong Kong stock exchange. As the parties did not agree to extend the long stop date, the share subscription and loan conversion subscription agreement between Evergrande New Energy Vehicle and NWTN is no longer valid. In August, Evergrande's electric vehicle arm had announced a plan to issue 6.18 billion new shares to NWTN for HK$3.89 billion ($498.2 million).

Related News

Chinese EV maker Human Horizons seeks up to $42 million in debt financing to revive EV production

Economic Times

Economic Times · 12m ago

Chinese EV maker Human Horizons seeks up to $42 million in debt financing to revive EV production

Chinese EV maker Human Horizons is seeking debt financing of up to 300 million yuan ($41.78 million) to restart production at its EV plant. The parent company of premium EV brand Hiphi has filed for a pre-bankruptcy process. This move comes after similar bankruptcy proceedings facing two units of China Evergrande's EV arm. The fundraising will be used for after-sales services and to resume work, production, and sales. Human Horizons, which suspended production and sales in February, aims to regain momentum in a highly competitive EV market.

China's Evergrande liquidation expected to yield minimal returns for creditors

Livemint

Livemint · 1y ago

China's Evergrande liquidation expected to yield minimal returns for creditors

Creditors of China Evergrande Group are likely to recover only a small portion of the builder's debt due to challenges accessing its assets. Most of Evergrande's assets are located in mainland China, posing legal obstacles for non-Chinese administrators. Hong Kong holdings amount to just $2.9 billion compared to $25.4 billion in offshore liabilities. Liquidators will face difficulties recovering funds for offshore bondholders, but their actions could serve as a model for other struggling Chinese developers. Experts believe a restructuring deal would have been more beneficial for creditors, with estimated recovery rates higher than in a liquidation scenario.

Evergrande's possible liquidation and what happens next

Livemint

Livemint · 1y ago

Evergrande's possible liquidation and what happens next

A key offshore bondholder group of China Evergrande plans to join a petition to liquidate the developer in a Hong Kong court. If a liquidation order is issued, a provisional and then an official liquidator will take control of Evergrande's assets to repay debts. The liquidators could propose a new debt restructuring plan to offshore creditors. Evergrande's dollar bonds were bid at around one cent on the dollar, and its recovery rate in case of liquidation is expected to be less than 3%. The liquidation process would involve challenges, including changing legal representatives of subsidiaries and completing ongoing construction projects.

Decision time for GM in China: Stay, scale back or go

Livemint

Livemint · 10m ago

Decision time for GM in China: Stay, scale back or go

- General Motors (GM) is struggling to regain its market share in China despite introducing new models, such as the electric Cadillac Lyriq. - GM's market share in China has shrunk, leading to calls for the company to scale down or withdraw from the Chinese market. - Foreign automakers, including Volkswagen and Toyota, are facing similar challenges in China as Chinese consumers are increasingly favoring local brands that offer advanced technology and competitive pricing. - GM's CEO, Mary Barra, has expressed the company's commitment to continue operating in China, despite the difficulties. The company has announced plans to restructure its business in the region. - To address the challenges in China, GM could consider closing factories, reducing the number of models, and establishing partnerships with domestic EV makers. - The shift to electric cars in China has been described as a "seismic shift," and GM acknowledges that it could have managed the EV transition better in the country. However, there is still potential for growth in the luxury market.

With deadline looming, details of a potential TikTok deal emerge

Economic Times

Economic Times · 4m ago

With deadline looming, details of a potential TikTok deal emerge

With the deadline for TikTok's sale or US ban approaching, negotiations shape a potential deal. The Trump administration considers a plan to spin off TikTok into a new company, involving American investors to reduce Chinese ownership. Despite TikTok's significant user base, selling faces challenges, including Chinese government resistance. Trump hints at using TikTok in tariff negotiations with China. Congress's stance on a non-sale deal remains uncertain. An announcement is expected soon.

Meta strikes deal with Tencent to sell VR headset in China: WSJ report

Economic Times

Economic Times · 1y ago

Meta strikes deal with Tencent to sell VR headset in China: WSJ report

Meta Platforms has reportedly entered a preliminary deal with Tencent Holdings to sell a low-cost virtual reality (VR) headset in China, aiming to re-enter the market where Facebook and Instagram are blocked. Tencent will be the exclusive seller of Meta's headsets in China, starting late 2024. The deal allows Meta to compete with TikTok-owner Bytedance. Meta's Quest, the bestseller in the VR space, will be adapted for China with cheaper lenses, with Meta taking a larger share of device sales and Tencent focusing on content and service revenue.

Evergrande Unit Tianji Ordered to Liquidate by HK Court

Livemint

Livemint · 5m ago

Evergrande Unit Tianji Ordered to Liquidate by HK Court

A Hong Kong court has ordered Tianji Holding Ltd., a crucial unit of China Evergrande Group, to liquidate amid efforts to access the assets of the world's most indebted developer. This follows Evergrande's own liquidation and highlights ongoing challenges in the Chinese property sector. The company’s court-approved liquidators continue to navigate complex legal and jurisdictional issues related to Evergrande’s vast network of assets and subsidiaries, aiming to recover significant debts and funds.

IndiGo co-founder Rakesh Gangwal to sell up to 3.8% stake in the airline | Mint

Livemint

Livemint · 11m ago

IndiGo co-founder Rakesh Gangwal to sell up to 3.8% stake in the airline | Mint

Rakesh Gangwal, co-founder of IndiGo, plans to sell up to 14.7 million shares or a 3.8% stake in parent company InterGlobe Aviation through a block deal. The sale is estimated to be worth $804 million, with an offer floor price of ₹4593 per share. Gangwal's stake in InterGlobe Aviation is expected to decrease to 15.58% following the sale. The stake sale will be conducted by investment banks JP Morgan India, Goldman Sachs, and Morgan Stanley India. IndiGo is India's largest domestic airline with a 62% share of the market and a 16.9% share of the international market.

Tesla's October China-made EV sales fall 2.6%; rival BYD sales up 5%

Economic Times

Economic Times · 1y ago

Tesla's October China-made EV sales fall 2.6%; rival BYD sales up 5%

According to the China Passenger Car Association (CPCA), Tesla's China-made electric vehicle sales dipped 2.6% in October, with 72,115 units delivered. In contrast, Chinese rival BYD experienced a 5% increase in passenger vehicle deliveries, reaching 301,095 units. Tesla's market share in China's EV segment decreased to 9.89% in Q3 from 12.98% in Q2, despite the company prioritizing sales over earnings in the country. Other domestic automakers, including BYD and Huawei-backed Aito, have made significant progress in the Chinese auto market.

Inside VW and Rivian’s big bet to rescue each other

Livemint

Livemint · 8m ago

Inside VW and Rivian’s big bet to rescue each other

Volkswagen (VW) will invest up to $5.8 billion in US startup Rivian, as part of a deal to address weaknesses for both companies in the electric vehicle (EV) market. VW gains access to Rivian's onboard computing and software technology, while Rivian gets much-needed cash. The collaboration aims to compete with EV companies like Tesla and Chinese manufacturers. VW plans to use the joint venture to develop digital controls for its passenger cars outside of China, while Rivian aims to open doors for further cooperation with other automakers.

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