Evergrande Taps Tycoons for EV Unit Share Sale, Shares Surge (1)

Chinese billionaire Hui Ka Yan is relying on fellow tycoons to fund his business empire again, selling them HK$26 billion ($3.35 billion) of stock in his electric-vehicle startup. The news pushed the loss-making unit’s shares up as much as 67%.

Hui’s China Evergrande New Energy Vehicle Group is offering 952.4 million shares, or about 9.75% of the enlarged total, at HK$27.30 each, the company said in a Hong Kong exchange filing Sunday. The securities, which closed at HK$29.90 on Friday and climbed 52% to HK$45.35 on Monday, have gained almost 625% since the start of June

The placement, to six ...