(Yicai Global) Sept.15 -- China Evergrande New Energy Vehicle Group placed 176,580,000 new shares with Tencent Holdings, Didi Chuxing, Sequoia Capital and Yunfeng Fund, the company announced today. The issue will raise HKD4 billion (USD516 million) for general corporate purposes, the firm said in a filing to the Hong Kong Stock Exchange.

The HKD22.65 (USD2.92) share price is discounted about 20 percent from the last closing price of HKD28.30, causing the company’s publicly traded shares [HKG:0708] to tumble 8.3 percent in midmorning to HKD25.95 after dropping as low as HKD20.20.

The issued shares accounts for 2 percent of the enlarged total shares upon completion of the subscription. None of the takers will become a substantial shareholder of the company, the statement added.

Editor: Ben Armour