Leidi.com Lei Jianping July 28
Evergrande Automobile (stock code: 708), which has been suspended for more than a year, resumed trading today. The company’s opening price was HK$1.01, a 68% drop from the stock price of HK$3.2 before the suspension; the closing price was HK$1.24, a 61.25% drop from the price before the suspension; Based on the price calculation, the company's market value is 13.446 billion Hong Kong dollars.
Overdue debts and overdue commercial bills totaled over RMB 30 billion
The financial report shows that the revenue of Evergrande Auto in 2021 and 2022 will be 74.98 million yuan and 134 million yuan respectively; the gross loss will be 170 million yuan and 93.86 million yuan respectively.
Evergrande Auto's operating losses in 2021 and 2022 will be 24.845 billion yuan and 12.141 billion yuan respectively; the annual losses will be 56.581 billion yuan and 27.664 billion yuan respectively.
For the year ended December 31, 2022, Evergrande Auto incurred a loss of 27.664 billion yuan (the net loss in 2021 was 56.344 billion yuan).
As of December 31, 2022, the group's accumulated losses and shareholders' losses were 98.906 billion yuan (2021: 71.241 billion yuan) and 68.651 billion yuan (2021: 39.339 billion yuan) respectively.
On December 31, 2022, cash and cash equivalents were 220 million (2021: 2.453 billion).
As of December 31, 2022, there were a total of 36 pending litigation cases involving Evergrande Automobile with an amount of more than 30 million yuan, and the total amount of the target amount was about 7.916 billion yuan.
As of December 31, 2022, Evergrande Automobile has accumulated approximately 11.626 billion yuan of due debts that cannot be paid off; in addition, as of December 31, 2022, Evergrande Automobile has accumulated approximately 18.512 billion yuan of overdue commercial bills. This means that as of December 31, 2022, Evergrande Automobile's due debts and overdue commercial bills will exceed 30 billion.
Investors suffered heavy losses
In September 2020, Evergrande Motors announced that it would introduce investors such as Tencent, Sequoia Capital, Yunfeng Fund and Didi Chuxing in a first-over-the-new way, raising about 4 billion Hong Kong dollars.
In January 2021, Evergrande Motors placed 952 million new shares to 6 investors at a discount of 8% to the average closing price of the previous five trading days, attracting 26 billion Hong Kong dollars in capital, and the investors voluntarily locked in for 12 months.
Investors in this round include Chengyu Holdings Co., Ltd., Shangyu Co., Ltd., Heyirong International Trading Co., Ltd., Greenwoods Global Investment Limited (Greenwoods Global Investment Limited), Chen Kaiyun, and Liu Minghui. HK$100 million, HK$5 billion, HK$5 billion, HK$3 billion, HK$3 billion.
In 2022, Evergrande Group will be hit by thunderstorms. As of December 31, 2022, Evergrande Group’s total liabilities will be 2,437.41 billion yuan, excluding contract liabilities of 721.02 billion yuan, it will be 1,716.39 billion yuan, of which: 612.39 billion yuan in loans, trade accounts payable and other payables of RMB 1,002.26 billion (including RMB 596.16 billion payable for engineering materials), and other liabilities of RMB 101.74 billion.
For the year ended December 31, 2022, Evergrande Group's revenue was 230.07 billion yuan and its gross profit was 24.99 billion yuan. During the year, operating losses were 43.39 billion yuan, losses related to land recovery, financial asset impairment losses and other non-operating losses were 69.37 billion yuan, income tax expenses were 13.05 billion yuan, and the total net loss was 125.81 billion yuan.
The market value of Evergrande Auto once exceeded 500 billion Hong Kong dollars, and investors generally invest in Evergrande Auto at a high level. If these investors do not withdraw from Evergrande Auto, it means that the loss will be very heavy.
At present, Hengchi 5, a subsidiary of Evergrande Motors, will achieve mass production in September 2022 and start delivery in October. At the same time, the vehicle development and various tests of the Hengchi 6 and Hengchi 7 models have been basically completed.
The real estate burden once criticized by the capital market, Evergrande Automobile has completed the divestiture of its real estate business in May 2023.
However, with the vigorous development of new energy vehicles today, the possibility that Xu Jiayin, who has long lost his reputation, can bring Evergrande Automobile to a comeback is very slim.
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