Shanghai (ZXZC)- The Board of Evergrande Health Industry Group Limited (called “Evergrande Health” or “the company” for short) proposes to change the name of the company to “China Evergrande New Energy Vehicle Group Limited”, which may be simply referred to as “Evergrande Auto”, as the NEV has become its most important business, the Hong Kong-listed company announced on July 27.

(Photo source: Evergrande Health's WeChat account)

According to Evergrande Health's latest announcement, the company and its subsidiaries (collectively called “the Group” for short) are dashing with all their might to develop NEV business and have formed a NEV industry chain covering power battery, motor powertrain, advanced vehicle manufacturing, vehicle sales and smart charging.

The company states that the Group also possesses world's leading core technologies in key aspects and has implemented a global integrated R&D model to coordinate the R&D works in China, Sweden, Germany, the UK, the Netherlands, Austria, Italy, Japan, South Korea and other countries. It strives to turn itself into the world's largest and most powerful NEV group within three to five years.

The Board considers that the proposed change of the name is in line with the interests of Evergrande Health and the shareholders as a whole.

In addition, the change of name will not influence any of the rights of the shareholders, said the company. Once the name change comes into effective, new certificates evidencing securities will be issued only under the new name.

Real estate conglomerate China Evergrande Group established in early July two subsidiaries based in Guangdong and Guangxi respectively whose one of major businesses is the R&D of NEV-related technologies, according to the enterprise information query platform Tianyancha. Both of them are wholly held by Evergrande New Energy Automobile Investment Holdings Group Co.,Ltd.