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Evergrande’s electric car unit gets funding to compete with Tesla, Nio in China

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Evergrande Group Chairman Xu Jiayin attends Evergrande New Energy Auto Global Strategic Partners Summit on November 12, 2019 in Guangzhou, Guangdong Province of China.

VCG | Visual China Group | Getty Images

GUANGZHOU, China — Shares of the electric vehicle unit of Chinese property giant Evergrande surged as much as 67% on Monday after the company raised significant funding through a new share sale.

China Evergrande New Energy Vehicle Group surged to an all-time-high of 50 Hong Kong dollars before paring some of those gains. Shares of the company closed at 45.35 Hong Kong dollars.

The stock rocketed after the Chinese electric car company issued 952.38 million shares to six investors at a…



Source cnbc.com

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