Shares of China Evergrande’s EV unit to open higher after $347 million share placement

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HONG KONG (Reuters) – Shares of China Evergrande New Energy Vehicle Group Ltd are set to open up 4.8% to HK$3.7, after the company raised around $347 million in a share placement.

The EV unit of embattled property developer China Evergrande’s issued about 900 million shares at HK$3 apiece through a top-up placement to controlling shareholder Evergrande Health Industry Holdings Ltd.

(Reportong by Clare Jim; Editing by Tom Hogue)