China Evergrande New Power Automobile Group Ltd. is planning to boost round $347 million from a share placement in an effort to strengthen its monetary place and fund manufacturing of electrical automobiles.

The Hong Kong-listed firm, also referred to as Evergrande Auto, is promoting 900 million shares for 3 Hong Kong {dollars} apiece, equal to US$0.39 a share. That represents an almost 15% low cost to the inventory’s final traded worth, the corporate stated late Friday.

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