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  Evergrande Health Industry Group, which is spearheading Chinese property developer Evergrande Group's foray into the electric vehicle sector, will change its name to China Evergrande New Energy Vehicle Group before the Hong Kong stock market opens on Sept. 1, the firm said yesterday .   The company's stock ticker [HKG:0708] will remain unchanged, it added. The firm has become the country's most valuable emerging NEV maker with a market cap of HKD222.9 billion (USD28.7 billion), more than rival Nio which was worth USD21.1 billion as of the close of markets yesterday. Evergrande Health is developing its NEV business at full speed and aims to become the world's largest and most powerful green energy car company within the next three to five years, the Guangzhou-based firm said on July 27.   The firm unveiled six vehicle prototypes on Aug. 3. Pricing and other details have yet to be revealed.

Chinese healthcare service firm Evergrande Health Industry Group is proposing to change its name to China Evergrande New Energy Vehicle Group as it sees its main line of business shifting to the electric vehicle sector, according to a filing with the Hong Kong Stock Exchange today. The company, which is a unit of one of China’s largest property developers Evergrande Group, is developing its NEV business at full throttle and aims to become the world’s largest and most powerful green energy car company within the next three to five years, the Guangzhou-based firm said. The proposal still needs to be approved by shareholders and the Registrar of Companies in the Hong Kong, it added. Evergrande Health’s heavy investment in its NEV business,   which is still in the development stage, led to losses of CNY4.95 billion (USD707 million) last year on revenue of CNY5.64 billion. Fixed assets and equipment still need to be purchased and research and development costs remain high, it said in an...