Evergrande Health announced today that it intends to change the company's name to "China Evergrande NewEnergy Vehicle Group Limited" in light of the fact that new energy vehicles have become the group's most important business.

Evergrande Health is the new energy vehicle arm of China Evergrande, which is China's top property developer by sales.

Regarding the name change, the board of Evergrande Health said it was in the interests of the company and its shareholders as a whole.

Evergrande Health said in the announcement that it is working hard to develop its new energy vehicle business and has built a new energy vehicle industry chain covering power battery, powertrain, advanced vehicle manufacturing, vehicle sales and smart charging.

The company said it already has the world's top core technologies in each key segment and has collaborative research and development centers in China, Sweden, Germany, the UK, the Netherlands, Austria, Italy, Japan and South Korea.

It aims to become the world's largest and strongest new energy vehicle group in 3-5 years, the company said.

Evergrande Health's 2019 annual financial report showed that the lifestyle business is still its main source of revenue. The wellness space generated 4.948 billion yuan in revenue, medical beauty and health management had 26.59 million yuan and the new energy vehicle segment had 660 million yuan.

According to the previous business classification, Evergrande Health is engaged in internet + community health management, international hospitals, senior care and rehabilitation industry, medical beauty, anti-aging and sales of wellness space, and new energy vehicles is a new field that Evergrande Group officially announced its entry into in June 2018.