What is the origin of the Newton Group that supports Xu Jiayin?, Evergrande Auto acquires $500 million in strategic investment shares from Middle East Capital | Newton Group | Strategy

Release time:Apr 14, 2024 21:01 PM

On the night of the 14th, big news came from Evergrande Auto that Newton Group had attracted attention due to a $500 million investment.

Evergrande Auto, can we survive this time?

On the evening of the 14th, Evergrande Automobile announced that it has received approximately $500 million in strategic investment from Newton Group, headquartered in Dubai, United Arab Emirates. An additional 600 million yuan of transitional funds will be gradually received within 5 working days after the announcement. All investment funds will be used for the Tianjin factory of Evergrande Automobile to ensure the normal production of Hengchi 5 and the gradual mass production of Hengchi 6 and 7.

To support the business recovery and growth of Evergrande Automobile, on August 14, 2023, Newton Automobile Co., Ltd. and Evergrande New Energy Automobile Co., Ltd. signed a transitional funding support agreement. According to this agreement, the funding provider should provide a total amount of RMB 600 million interest free and guaranteed transitional funds to the funding recipient in three equal installments, subject to meeting the prerequisites in the agreement, for the research and development, production, and sales of the Group's automobiles.

It is worth noting that NWTN Group will also assist Evergrande Automobile in exploring overseas markets, achieving an annual export of 30000 to 50000 Hengchi cars to the Middle East market.

Newton Group announced that the proposed transaction is expected to be completed in the fourth quarter of 2023, but it needs to meet various conditions, including but not limited to the effectiveness of Evergrande Group's debt restructuring, confirmation of debt repayment plans by several creditors of Evergrande New Energy Vehicles Group, and obtaining approval from relevant regulatory agencies and shareholders.

It is worth noting that the stock price of Evergrande Automobile rose sharply in the late trading session on August 14th, with a closing surge of 14% and an opening surge of nearly 15% on August 15th.

Conversion of HKD 20.895 billion related loans from Evergrande into new shares

What is the origin of the Newton Group that supports Xu Jiayin?, Evergrande Auto acquires $500 million in strategic investment shares from Middle East Capital | Newton Group | Strategy

In addition, Evergrande Auto announced that as part of China Evergrande Group's debt restructuring and to reduce Evergrande Auto's debt level, a total of over HKD 20.8 billion in related loans will be converted into new shares at a conversion price of HKD 3.84 per share.

These over HKD 20.8 billion loans are all from the Evergrande Group. After the loan was converted into new shares, China Evergrande Group subscribed 4.178 billion shares, Xu Jiayin subscribed 520 million shares, Ding Yumei subscribed 417 million shares, Haobang subscribed 156 million shares, and Xinxin subscribed 169 million shares. The subscription amount will be repaid in accordance with the terms and conditions of the offset agreement, by offsetting the relevant loans payable by Evergrande New Energy Vehicles to each subscriber after completion.

Among them, out of all 4.858 billion new shares converted from loans provided by China Evergrande, Xu Jiayin, and their subsidiaries, 3.236 billion shares will be deposited into custody accounts and used as exchange assets for mandatory exchangeable bonds to be issued by China Evergrande. Among them, 1.632 billion shares will be the A2 Evergrande Automobile Stock Linked Notes, or the benefits of C2 Evergrande Automobile Stock Linked Notes will be deposited into a custody account. The relevant loans provided by Ding Yumei and her subsidiaries will be converted into new shares, but will not form part of the debt restructuring of China Evergrande Group.

Assuming the completion of the debt to equity conversion of new energy vehicles and the subsequent subscription of new energy vehicle shares, the shareholding ratio of China Evergrande Evergrande New Energy Vehicles will be diluted to approximately 46.86%, and Evergrande New Energy Vehicles will no longer be a wholly-owned subsidiary of China Evergrande, and its financial performance will no longer be comprehensively recorded in the group's performance.

What is the origin of the Newton Group that supports Xu Jiayin?

After consulting the information, it was found that the founder of this electric vehicle company headquartered in Dubai, United Arab Emirates is a 41 year old Chinese named Wu Nan. As of the end of 2022, the company held approximately $211.9 million in cash and cash equivalents.

Newton's history can be traced back to 2014, with its predecessor being ICONIQ. Compared to other new car making forces, Aikonik's popularity and presence in China are not high.

According to public information, Aikonik is a new energy vehicle company headquartered in Tianjin and with global business coverage. It was founded in 2014 by President Wu Nan and W MOTORS founder Ralph Debbas. Aikonik entered the public eye in 2016 and reached strategic partnerships with several well-known companies such as W MOTORS, Studiotorino, Magna, Steyr, and Microsoft over the next five years.

From a timeline perspective, Aikonik disappeared from the public eye after obtaining the car manufacturing qualification in 2019.

Until September 2021, Bloomberg quoted insiders as saying that Chinese electric vehicle startup Aikonik could go public in the US by the end of this year, with a valuation of around $4 billion.

In June 2022, Newton announced the relocation of its global headquarters to the United Arab Emirates, and the company's brand was also renamed Newton from Aikonik.

In September 2022, Newton also invested in the Newton China New Energy Vehicle Super Factory in Jinhua City, Zhejiang Province, covering an area of over 700 acres. The designed production capacity is 100000 sets per year, and it is planned to be put into operation in 2024. Correspondingly, Newton registered Newton Automobile Co., Ltd. in June 2022, which is wholly-owned by Aikonik, and the legal representative is also Wu Nan.

Zhongxin Jingwei Comprehensive Public Information, China Fund News, Hengchi Official, Pengpai News, etc

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