Shanghai (ZXZC)- The registered capital of Evergrande New Energy Vehicle Investment Holdings Group Co., Ltd. (called “the company” for short), an investment firm affiliated with Evergrande Auto, has increased to $3.5 billion from $2.515 billion, according to the corporate information inquiry platform Tianyancha. 

Founded in Jan. 2019, the company has a line of businesses including the investment in the fields permitted for foreign investment by the state government of China. It was indirectly wholly held by Evergrande New Energy Vehicle Holdings (Hong Kong) Co.,Ltd.

Evergrande Auto announced last week it had signed an agreement with a placing agent to place 900 million shares at HK$3 per share through top-up placing. The gross proceeds from the share placing are expected to be around HK$2,700 million and will be devoted to the R&D and production of Evergrande Auto's new energy vehicles (NEVs), paving the way for putting Hengchi-branded NEVs into production.

Hengchi 5 LX's patent image; photo credit: MIIT

What's more, the Hengchi 5 LX was listed on the MIIT's latest Announcement on On-road Vehicle Manufacturers and Products, meaning the vehicle model is permitted by the government to be put into production.

According to the MIIT's information, the Hengchi 5 LX measures 4,725mm long, 1,925mm wide, and 1,688 tall, and has a wheelbase of 2,780mm. The dimensions put it squarely in the segment of compact SUVs. It will be powered by a 150kW electric motor offered by UAES.