Shares of China Evergrande EV unit plunge 23% right after govt director is detained

Shares of China Evergrande EV unit plunge 23% right after govt director is detained


A indicator on the exterior of the China Evergrande New Power Car Team Ltd. investigate headquarters in Shanghai, China, on Friday, Sept. 24, 2021.

Bloomberg | Bloomberg | Getty Visuals

Shares of the electric powered auto manufacturing arm of property developer China Evergrande plunged 23% on Monday following the device exposed its vice chairman experienced been detained.

In a filing to the Hong Kong exchange, Evergrande NEV introduced that “the business has figured out that its government director Mr. Liu Yongzhuo has been detained in accordance with the law on suspicion of unlawful crimes.”

The filing did not elaborate on the character of the crimes, nor when he was detained.

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Evergrande NEV experienced named for a investing halt prior to the Hong Kong industry opened right now, and resumed trading at 1 p.m. Hong Kong time.

Very last week, Evergrande NEV shares fell extra than 18%, just after the enterprise revealed its prepared share sale to U.S.-mentioned NWTN experienced been scrapped.



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