By Yifan Wang
Shares of China Evergrande New Energy Vehicle Group slumped Friday after resuming trade in Hong Kong, as the struggling electric car maker posted heavy losses for 2021 and 2022.
The stock has lost as much as 69% and was last down 62% at HK$1.21.
The selloff came as the company, a unit of debt-laden Chinese developer China Evergrande Group, on late Thursday sought to resume trading after it posted overdue financial results for 2021 and 2022 earlier this week and satisfied listing rules in Hong Kong.
On Wednesday, the EV company said it had a loss of 27.66 billion yuan (US$3.86 billion) in 2022 and a loss of CNY56.27 billion in 2021.
Trading in shares of China Evergrande New Energy had been suspended since early 2021, as its finances came under pressure after parent China Evergrande fell into a debt crisis amid a broader property liquidity shortage in the world’s second largest economy.
Write to Yifan Wang at [email protected]
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