Shares of the electrical automobile manufacturing arm of property developer China Evergrande plunged 23% on Monday after the unit revealed its vice chairman had been detained.
In a submitting to the Hong Kong trade, Evergrande NEV introduced that “the corporate has discovered that its government director Mr. Liu Yongzhuo has been detained in accordance with the legislation on suspicion of unlawful crimes.”
The submitting didn’t elaborate on the character of the crimes, nor when he was detained.
Evergrande NEV had referred to as for a buying and selling halt earlier than the Hong Kong market opened at the moment, and resumed buying and selling at 1 p.m. Hong Kong time.
Final week, Evergrande NEV shares fell greater than 18%, after the corporate revealed its deliberate share sale to U.S.-listed NWTN had been scrapped.
Laurence Edmondson, F1 EditorJan 8, 2024, 09:35 AM ETShut• Joined ESPN in 2009• An FIA accredited F1…
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