China Evergrande's New Energy Vehicle Unit Faces Major Financial Setbacks

China Evergrande New Energy Vehicle Group Ltd has received demands from local authorities, leading to the continued suspension of stock trading. These demands could significantly impact the company's financial situation and operations. Relevant subsidiaries will coordinate with local authorities, who propose to terminate agreements and reclaim incentives worth RMB1.9 billion.

China Evergrande New Energy Vehicle Group Ltd: * RECEIPT OF LETTER OF DEMANDS FROM RELEVANT LOCAL ADMINISTRATIVE AUTHORITIES AND CONTINUED SUSPENSION OF TRADING

* TRADING IN SHARES OF CO WILL REMAIN SUSPENDED UNTIL FURTHER NOTICE * DEMANDS OF LETTER, IF IMPLEMENTED, TO HAVE MATERIAL ADVERSE IMPACT ON FINANCIAL POSITION & OPERATIONS OF CO

* RELEVANT SUBSIDIARIES INTEND TO COORDINATE WITH RELEVANT LOCAL ADMINISTRATIVE AUTHORITIES BY LETTERS * RELEVANT LOCAL ADMINISTRATIVE AUTHORITIES PROPOSES TO TERMINATE RELEVANT AGREEMENTS, OTHERS

* DEMAND TO RETURN RELEVANT LOCAL ADMINISTRATIVE AUTHORITIES INCENTIVES, OTHERS GRANTED IN AGGREGATE AMOUNT OF RMB1.9 BILLION Further company coverage:

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)