來源：券商中國

作者：胡飛軍

復牌後的恒大汽車，再次遭遇停牌。

1月8日開盤前，中國恒大新能源汽車集團有限公司（簡稱“恒大汽車”）在港交所發佈公告，該公司股份將於星期一上午9時整起短暫停止買賣。

上週1月1日，恒大汽車曾公告，恒大汽車和阿聯酋新能源汽車品牌紐頓集團之間的股份認購協議及債轉股認購協議，原定於去年12月31日截止，但紐頓集團未同意延長截止日期，意味着原定認購協議失效。此前按照協議，紐頓集團擬5億美元戰略投資，這對於瀕臨破產的恒大汽車來說算得上是一筆“救命錢”。

受此消息影響，恒大汽車1月2日收盤股價和2023年12月29日收盤價相比，已下跌超18%，目前報0.415港元/股，總市值45億港元。 

不過，恒大汽車表示，儘管協議已經失效，但恒大汽車、紐頓集團以及其他相關方仍在就這些交易的關鍵條款進行磋商，顯示雙方仍可能達成新的協議或修改原有協議。

再次停牌，待刊登內幕消息

恒大汽車公告，應該公司要求，恒大汽車的股份由2024年1月8日上午9時起於港交所短暫停止買賣，有待該公司刊發一份有關內幕消息的公告。

回溯歷史，恒大汽車由於無法按時刊發2021和2022年相關財務業績等原因，2022年4月1日起停牌近16個月，在僅剩2個月面臨摘牌的節點上，恒大汽車最終完成復牌指引，於2023年7月28日起復牌。

2個月後的2023年9月28日，恒大汽車與中國恒大、恒大物業3家恒大系公司又再次短暫停牌。後續，恒大系三家公司停牌原因揭曉，恒大執行董事及董事會主席許家印，因涉嫌違法犯罪，已被採取強制措施。2023年10月9日，恒大汽車恢復買賣公司股份。

“救命錢”沒了？

元旦期間，恒大汽車就遭遇利空消息。

2024年1月1日晚間，恒大汽車對外發布公告稱，由於紐頓集團股份認購協議及債轉股認購協議的訂約方並未同意延長截止日期，因此紐頓集團股份認購協議及債轉股認購協議已於2023年12月31日失效。

紐頓集團計劃向恒大汽車注資的合作始於2023年8月。2023年8月14日，恒大汽車宣佈，其獲得由阿聯酋國家主權基金持股的上市公司紐頓集團（NWTN.US）首筆5億美元戰略投資，另有6億元人民幣過渡資金將自公告後5個工作日開始陸續到賬。雙方擬議的交易預計將於2023年第四季度完成。交易完成後，紐頓集團對恒大汽車持股比例佔擴大後已發行普通股總數的27.5%。

這距離恒大汽車經歷一年多停牌後剛披露財報並復牌後不久。數據顯示，截至2022年末，恒大汽車負債總額高達1838.72億元，剔除其中的預收賬款33.14億元后的負債規模爲1805.58億元。

“本集團在可預見的未來將需要獲得大量資金，以根據各種合約和其他安排爲該等財務責任和資本開支提供資金。”恒大汽車方面曾表示，其已採取若干計劃及措施以紓緩流動資金壓力及改善其財務狀況。

最新財報數據顯示，2023年上半年，恒大汽車營收1.54億元，同比增加540.98%，收入增加主要系恆馳5開始銷售。但毛利潤虧損6088萬元，2022年同期毛虧損964萬元，虧損額同比增長531.54%，主要是因爲電池及芯片等核心零部件價格上漲、缺乏大規模生產使製造成本較高。

因此，在市場看來，紐頓集團這筆錢對於造成虧損多年的恒大汽車來說，可謂雪中送炭的“救命錢”。按照公告規劃，紐頓集團的所有戰投資金將全部用於恒大汽車天津工廠，確保恆馳5的正常生產和恆馳6、恆馳7的陸續量產。紐頓集團還將協助恒大汽車開拓海外市場，實現每年向中東市場出口3萬至5萬輛恆馳汽車。

協議的失效不代表恒大汽車放棄交易。恒大汽車在1月1日公告中回應，紐頓集團股份認購協議及債轉股認購協議的訂約方以及若干利益相關方，一直並將繼續就修訂擬議交易及債轉股之若干關鍵條款進行磋商。

編輯/Somer

Source: Broker China

Author: Hu Feijun

After resuming trading, Evergrande Auto was once again suspended.

Prior to the opening of the market on January 8, China Evergrande New Energy Vehicle Group Co., Ltd. (“Evergrande Auto” for short) issued an announcement on the Hong Kong Stock Exchange. The company's shares will temporarily stop trading at 9:00 a.m. on Monday.

On January 1 of last week, Evergrande Auto announced that the share subscription agreement and debt-for-share subscription agreement between Evergrande Motor and the UAE NEV brand Newton Group were originally scheduled to end on December 31 last year, but Newton Group did not agree to extend the deadline, which meant that the original subscription agreement had lapsed. According to the previous agreement, the Newton Group planned to make a strategic investment of 500 million US dollars. This is considered a “life-saving money” for Evergrande Auto, which is on the verge of bankruptcy.

Affected by this news, Evergrande Motor's closing stock price on January 2, compared with the closing price on December 29, 2023, has fallen by more than 18%. It is currently reported at HK$0.415 per share, with a total market value of HK$4.5 billion.

However, Evergrande Motor said that although the agreement has expired, Evergrande Auto, Newton Group and other relevant parties are still negotiating the key terms of these deals, indicating that the two sides may still reach a new agreement or amend the original agreement.

Trading suspended again, pending publication of inside information

Evergrande Motor announced that in response to the company's request, Evergrande Motor's shares will temporarily stop trading on the Hong Kong Stock Exchange starting at 9:00 a.m. on January 8, 2024, pending the company's publication of an announcement on insider information.

Going back in history, Evergrande Motor suspended trading for nearly 16 months on April 1, 2022 due to reasons such as not being able to publish relevant financial results for 2021 and 2022 on time. With only 2 months left to face delisting, Evergrande Motor finally completed the resumption guidelines and resumed trading on July 28, 2023.

Two months later, on September 28, 2023, Evergrande Auto and the three Evergrande companies of China Evergrande Properties, once again suspended trading for a short time. Subsequently, the reason for the suspension of trading of the three Evergrande companies was revealed. Xu Jiayin, executive director of Evergrande and chairman of the board of directors, has been taken coercive measures due to suspicion of breaking the law and committing a crime. On October 9, 2023, Evergrande Auto resumed trading of the company's shares.

Is the “life saving money” gone?

During New Year's Day, Evergrande experienced bad news.

On the evening of January 1, 2024, Evergrande Motor announced that since the parties to the Newton Group share subscription agreement and debt-for-share subscription agreement did not agree to extend the deadline, the Newton Group share subscription agreement and debt-for-share subscription agreement expired on December 31, 2023.

The partnership between Newton Group's plans to inject capital into Evergrande Auto began in August 2023. On August 14, 2023, Evergrande Motor announced that it has received the first strategic investment of 500 million US dollars from Newton Group (NWTN.US), a listed company owned by the UAE National Sovereign Fund, and that an additional 600 million yuan of transition funds will be received one after another 5 working days after the announcement. The parties' proposed deal is expected to close in the fourth quarter of 2023. After the transaction was completed, Newton Group's shareholding ratio in Evergrande Auto accounted for 27.5% of the total number of common shares issued after the expansion.

This was not long after Evergrande Auto disclosed financial reports and resumed trading after being suspended for more than a year. According to the data, as of the end of 2022, Evergrande Auto's total debt reached 183.872 billion yuan, and the debt size after excluding pre-collected accounts of 3.314 billion yuan was 180,558 billion yuan.

“The Group will require significant funding in the foreseeable future to finance such financial liabilities and capital expenses under various contracts and other arrangements.” Evergrande Motor has stated that it has taken a number of plans and measures to ease liquidity pressure and improve its financial situation.

According to the latest financial data, in the first half of 2023, Evergrande Motor's revenue was 154 million yuan, an increase of 540.98% over the previous year. The increase in revenue was mainly due to the start of sales of Hengchi 5. However, the gross profit loss was 60.88 million yuan, and the gross loss was 9.64 million yuan in the same period in 2022. The loss amount increased 531.54% year-on-year, mainly due to rising prices of core components such as batteries and chips, and the lack of large-scale production, which made manufacturing costs high.

Therefore, in the market's view, the money from the Newton Group can be described as “life-saving money” for Evergrande Auto, which has been causing losses for many years. According to the announced plan, all of the Newton Group's investment funds will be used at Evergrande Motor's Tianjin plant to ensure normal production of Hengchi 5 and the sequential mass production of Hengchi 6 and Hengchi 7. The Newton Group will also assist Evergrande Motor to develop overseas markets and export 30,000 to 50,000 Hengchi cars to the Middle East market every year.

The expiration of the agreement does not mean that Evergrande Auto abandons the deal. Evergrande Motor responded in its January 1 announcement that the parties to the Newton Group share subscription agreement and debt-for-share subscription agreement and several stakeholders have been and will continue to discuss revisions to certain key provisions of the proposed transaction and debt-for-share swaps.

Editor/Somer