Evergrande halts trading of its shares in Hong Kong
Business & Technology
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Evergrande halted trading of its shares on Hong Kongโs stock exchange this morning. In a comically brief filing, Evergrande gave no explanation. Here areย just a few of its recent troubles:
- Having sold zero cars, Evergrandeโs EV unit plunged in Hong Kong after warning of a โserious shortage of fundsโ and abandoned plans to list in Shanghai.
- The company raised $1.5 billion from selling most of its stake in a commercial bank, but will immediately have to repay most of that to the bank, which lent it money.
- It missed the deadline for a second offshore bond payment in a week.
Go deeper: Read our profile of founder Xว Jiฤyรฌn ่ฎธๅฎถๅฐ, or listen to our editor explain why Evergrande is not Lehman Brothers.
Evergrande halted trading of its shares on Hong Kongโs stock exchange this morning. In a comically brief filing, Evergrande gave no explanation. Here areย just a few of its recent troubles:
- Having sold zero cars, Evergrandeโs EV unit plunged in Hong Kong after warning of a โserious shortage of fundsโ and abandoned plans to list in Shanghai.
- The company raised $1.5 billion from selling most of its stake in a commercial bank, but will immediately have to repay most of that to the bank, which lent it money.
- It missed the deadline for a second offshore bond payment in a week.
Go deeper: Read our profile of founder Xว Jiฤyรฌn ่ฎธๅฎถๅฐ, or listen to our editor explain why Evergrande is not Lehman Brothers.
