Evergrande's EV unit to not proceed with plans to issue RMB shares

China Evergrande's electric car unit said on Sunday it will not proceed with plans to issue RMB shares on the Science and Technology Innovation Board of the Shanghai stock exchange.

In a statement to the Hong Kong stock exchange, China Evergrande New Energy Vehicle Group said that after careful consideration the company and Haitong Securities had agreed to terminate the agreement to issue RMB shares.

On Friday, China Evergrande New Energy Vehicle Group warned it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer's liquidity crisis is worsening in other parts of its business.

Also Read: After distress in Evergrande, banks in China hold back credit for other property developers

Also Read: Evergrande is in crises, but boss Hui is looking calm