Evergrande New Energy brings in big names with $516m top-up

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By Jonathan Breen
15 Sep 2020

China Evergrande New Energy Vehicle Group raised HK$4bn ($516.1m) on Monday from a top-up placement that won the backing of heavyweight names in the technology industry.

The motivation for the placement was to attract investment from internet group Tencent Holdings, vehicle-for-hire company Didi Chuxing, as well as Yunfeng Capital, the private equity firm co-founded by Alibaba Group Holding’s Jack Ma, and US venture capital investor Sequoia Capital.

The quartet invested in the placement, but ...

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