June 14, 2024

AndronETalksNews

AndronETalksNews

Evergrande Auto Hasn’t Sold A Single Car, But Has Enriched Its Founder And His Friends Plenty

Zero Hedge

By Tyler Durden – September 23, 2021

While everyone has been focusing on Evergrande as a property developer, few know the story about how Evergrande Auto became worth $86.6 billion at one point without selling a single car. The company now trades at a fraction, about 4%, of its all time high. While shareholders were wiped out for the most part, insiders made out well. 

On Tuesday of this week, the company did what it does best. No, not make vehicles: pay insiders. Evergrande Auto “granted 323.72 million share options worth HK$1.26 billion to three directors and around 3,180 employees of the company,” a new report from Caixin notes.

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