Evergrande Automobile announced on the Hong Kong Stock Exchange that its indirect wholly-owned subsidiary Evergrande Hengchi New Energy Vehicle (Shanghai) Co., Ltd. received a decision letter issued by the Shanghai No. 3 Intermediate People's Court on March 26. The court has appointed an administrator to oversee the company's insolvency proceedings.

As Evergrande Automobile failed to ensure the provision of funds after the announcement on February 3, 2025 to supplement the group's continuously decreasing available funds, its auditors and other relevant professional consultants were unable to start on-site and other audit work.

Therefore, the 2024 annual results announcement will be postponed until further notice.

Since 9 a.m. on April 1, trading in Evergrande Automobile shares has been suspended on the Stock Exchange, pending the company's 2024 annual results announcement.

Previously, Evergrande Automobile said that due to the difficult operating environment in the new energy vehicle market, the company failed to successfully find strategic investors or buyers.

Although it has achieved cost savings through layoffs and expenditure cuts, the group's level of cash and cash equivalents is low and can only maintain basic operating activities.

Currently, Evergrande Automobile is still trying to find strategic investors or buyers to alleviate the group’s liquidity problems.