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Electric cars in China

Tencent, Jack Ma and Didi to buy stakes in Evergrande's EV unit

Upstart automaker's stock tumbles 11.5% on news of discount placement

HONG KONG -- Tencent Holdings, Didi Chuxing and a Jack Ma-backed private equity fund are poised to join a 4 billion Hong Kong dollar ($516.1 million) fundraising for the electric vehicle unit of property developer China Evergrande Group.

Shares in China Evergrande New Energy Vehicle Group will be placed with "not less than six" investors at HK$22.65 a piece, a 20% discount to the company's closing price in Hong Kong on Monday, the company said in a premarket announcement on Tuesday.

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