Shanghai (ZXZC)- China Evergrande New Energy Group Limited (the “company” or Evergrande Auto) announced earlier this month that Shi Shouming has resigned from his positions as an executive director and the chairman of the board of the company, effective Jan. 8, 2021.

Mr. Shi's capacity as executive director and chairman has been succeeded by Siu Shawn. The 49-year-old new chairman joined China Evergrande Group in Nov. 2013 and has previously acted as the executive vice president of China Evergrande Group, the chairman of Evergrande Tourism Group Company Limited and the president of Evergrande New Energy Vehicle Group. Mr. Siu has over 28 years of extensive commercial experience.

Prior to the latest appointment, Mr. Siu was responsible for the company's new energy vehicle (NEV) business.

Previously named Evergrande Health, the company changed its name to Evergrande Auto in late August as the NEV has become its most important business.

Hengchi 1 to Hengchi 6; photo credit: Hengchi

On August 3, Evergrande Auto launched six models it will sell under its Hengchi brand. Those models are numbered from 1 to 6, including two cars, three SUVs and one MPV.

The company has to-date build a NEV-related industrial chain that encompasses battery power, powertrain, complete vehicle manufacturing, automobile sale and smart charging business.

Evergrande Auto started in last November the trial production at its Shanghai and Guangzhou manufacturing bases, where Hengchi-branded vehicles are set to be mass produced from the second half of 2021.

The company said on Sept. 15 that it had entered into top-up placing arrangements to introduce international investors including Tencent Holdings Limited, Sequoia Capital, Yunfeng Fund and DiDi Chuxing, raising HK$4 billion. The proceeds would be used for the development of NEV business.