A share sale agreement between China Evergrande New Energy Vehicle Group, the electric vehicle division of troubled real estate developer China Evergrande, and U.S.-listed NWTN has been put on hold, Hong Kong stock exchange filing informed on Sunday.
According to the filing by China Evergrande, the decision has been made due to some "significant uncertainties" tied to the company.
The Chinese company previously said that investigations had been opened into the parent company, its founder, and senior officials and that the firm's plan to restructure its debt had also failed.
According to the announcement made earlier in August, the Chinese electric-vehicle subsidiary had informed that it had agreed to issue 6.18 billion new shares to NWTN, a Dubai-based mobility company, for a total payment of HK$3.89 billion ($496.72 million), or HK$0.6297 per share.
The latest filing by the company said that the trading will be resumed on Monday which was suspended on Sept. 8.