(Yicai Global) Aug. 26 -- 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 today.

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.

Evergrande Health's stock closed down 3.55 percent today at HKD25.80 (USD3.33).

Editor: Kim Taylor