China Evergrande’s Electric-Vehicle Business to Raise $347 Million From Share Sales

China Evergrande New Energy Vehicle Group Ltd. is planning to raise around $347 million from a share placement in an effort to strengthen its financial position and fund production of electric vehicles.

The Hong Kong-listed company, also known as Evergrande Auto, is selling 900 million shares for three Hong Kong dollars apiece, equivalent to US$0.39 a share. That represents a nearly 15% discount to the stock’s last traded price, the company said late Friday.