HONG KONG -- China Evergrande Group's electric car unit has terminated plans for a maiden mainland share offering amid concerns over the fate of the embattled parent, which is fast running out of cash.
China Evergrande New Energy Vehicle Group, which at its April peak was more valuable than Ford Motor despite having yet to sell a single car, said late on Sunday that it had decided to halt its plan to sell shares on Shanghai's STAR Market after "due and careful consideration." It did not share any other details.
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