Shares in the Hong Kong-listed health unit of Evergrande Group shot up 66 per cent on Tuesday, a day after the Chinese property group announced plans to pay $860m for a 45 per cent stake in Faraday Future, a move that would make it the US-based electric vehicle start-up’s largest shareholder.

Evergrande Health Industry Group, a unit of China’s third biggest property developer by sales, will fully acquire Hong Kong-based Season Smart, which in turn owns a 45 per cent stake of the Faraday Future parent Smart King, according to a Hong Kong stock exchange filing. 

Season Smart has already invested $800m in Faraday through Smart King - which wholly owns Faraday - and will invest another $1.2bn by the end of 2020 under the terms of the acquisition.