The detention of an executive director causes a 23% drop in shares of China Evergrande's EV unit.

The detention of an executive director causes a 23% drop in shares of China Evergrande's EV unit.

Evergrande NEV stated that its executive director, Mr. Liu Yongzhuo, has been detained under legal suspicion of committing illegal acts.

On Monday, the electric vehicle manufacturing arm of property developer China Evergrande experienced a 23% drop in shares after it was announced that its vice chairman had been detained.

Evergrande NEV announced that its executive director, Mr. Liu Yongzhuo, has been detained in accordance with the law on suspicion of illegal crimes.

The filing did not provide details about the crimes committed or the date of his detention.

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Evergrande NEV paused trading before the Hong Kong market opened today and resumed at 1 p.m. Hong Kong time.

After the cancellation of its planned share sale to U.S.-listed NWTN, Evergrande NEV shares plummeted more than 18% last week.

by CNBC Asia Source 1/8/2024, 6:40:21 AM

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