Evergrande NEV shares set to open sharply higher after share sale to NWTN

HONG KONG (Reuters) – Shares of China Evergrande New Energy Vehicle Group(NEV) are set to open 14.7% higher on Tuesday, after the company said it has agreed to sell new shares to U.S.-listed NWTN for $500 million.

After completion of the deal, NWTN, a mobility technology company, will hold about a 27.5% stake in NEV.

($1 = 7.8205 Hong Kong dollars)

(Reporting by Clare Jim; Editing by Muralikumar Anantharaman)