Evergrande Auto, the car-making arm of China's largest real estate company, has surpassed Nio to become the second most valuable car company in China, even though it has yet to start mass production of its vehicles.

At the close of trading on April 1, Evergrande Auto had a total market capitalization of HK$589.5 billion ($75.8 billion), higher than Nio's $62.2 billion, which is listed in the United States.