Shanghai Songjiang Economic & Technological Development Group, one of the two shareholders of Evergrande NEVS (Shanghai), is going to transfer its 20% stake in Evergrande NEVS (Shanghai), seeking a floor price of 443 million yuan ($63 million), according to a posting on the Shanghai United Assets and Equity Exchange website.

Evergrande NEVS (Shanghai), Shanghai Songjiang Economic & Technological Development Group, transfer stake, China automotive news

(photo source: NEVS)

Evergrande NEVS, established in May 2018 with a registered capital of 2.5 billion yuan ($357 million), engages in the development, manufacture and sales of new energy vehicles and the components. Tianjin-based Evergrande Guorui New Energy Technology, the other shareholder, possesses 80% stake and enjoys the right of first refusal on the rest. The company’s aforesaid minority shareholder is a local state-owned enterprise in Shanghai.