China Evergrande's electric car unit's shares tumble 26% after warning
HONG KONG (Reuters) -Shares of China Evergrande's electric car unit plunged as much as 26% on Monday after it warned it faced an uncertain future unless it got a swift injection of cash and after it said it will not proceed with plans to issue RMB shares.
The warning by China Evergrande New Energy Vehicle Group after the market closed on Friday was the clearest sign yet that the embattled property developer's liquidity crisis is worsening in other parts of its business.
Shares of the electric car unit slid to as low as HK$1.66 in early trade before paring losses to fall 2.2%. China Evergrande's stock rose 5% to steady near the decade-low they made last week, while Evergrande dollar bonds were at distressed levels.
In the broader market, concerns that a collapse at Evergrande could drive a global crisis have ebbed.
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The warning by China Evergrande New Energy Vehicle Group after the market closed on Friday was the clearest sign yet that the embattled property developer's liquidity crisis is worsening in other parts of its business.
Shares of the electric car unit slid to as low as HK$1.66 in early trade before paring losses to fall 2.2%. China Evergrande's stock rose 5% to steady near the decade-low they made last week, while Evergrande dollar bonds were at distressed levels.
In the broader market, concerns that a collapse at Evergrande could drive a global crisis have ebbed.
...
Read More on Datafloq
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