bestarcadesnearme| Evergrande Automobile: The subsidiary company was required to refund 1.9 billion yuan in subsidies and terminate cooperation for failing to fulfill its contractual obligations

Opinion News: On May 22, Evergrande Automobile issued an announcement that its subsidiary Evergrande New Energy Vehicle Investment Holding Group Co., Ltd. and itsbestarcadesnearmeHis subsidiary recently received a letter from the local administrative department.

The announcement pointed out that since April 29, 2019, relevant subsidiaries have signed investment cooperation agreements with local administrative departments. According to the content of the announcement, due to the failure to fulfill the contractual obligations, the local administrative department proposed to terminate the relevant agreement in accordance with the Civil Code of the People's Republic of China and other relevant laws and regulations, and required the return of the rewards and subsidies already issued, totaling approximately RMB 1.9 billion. The announcement also mentioned that relevant subsidiaries are subject to joint liability.

At the company's request, trading in Evergrande Automobile's shares has been suspended on the Stock Exchange starting from 10:56 am on May 17, 2024, pending the publication of inside information related to the company.

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