EVERG VEHICLE (00708) announced that, as disclosed in its August 2024 announcement, certain subsidiaries had entered bankruptcy restructuring proceedings. Under these proceedings, an administrator was appointed to take control of these subsidiaries, including formulating and executing court-approved restructuring plans.

On November 22, 2025, the company noted media reports indicating that the registered shareholders of these subsidiaries had changed from group members to Guangzhou Juli Modern Industrial Development Co., Ltd. (Guangzhou Juli). Upon inquiry, the administrator confirmed that, per the court-approved restructuring plan, the group’s equity in these subsidiaries was canceled, and full ownership was registered under Guangzhou Juli on November 18, 2025. No cash consideration was received as the changes resulted from the restructuring process.

Based on available information, the board confirms: (i) Guangzhou Juli is wholly owned by six Chinese provincial/local state-owned enterprises and is an independent third party unaffiliated with EVERG VEHICLE (as defined under HKEX Listing Rules); (ii) The subsidiaries primarily engage in smart mobility device manufacturing; (iii) As of June 30, 2024, New Energy Vehicle Guangdong had registered capital of RMB 5 billion, with creditor claims totaling ~RMB 7.622 billion and assessed liquidation assets of ~RMB 1.373 billion as of April 7, 2025; (iv) Smart Car Guangdong had registered capital of RMB 2.5 billion, with creditor claims totaling ~RMB 5.253 billion and assessed liquidation assets of ~RMB 1.082 billion as of April 7, 2025.

Trading in the company’s shares remains suspended.