Evergrande EV unit shares drop 68% after 16-month suspension ends

Ailing Chinese property group's car brand lost $12bn in the past 2 years

The Evergrande group's Hengchi is one of scores of auto brands in China. © Reuters

TAKASHI KAWAKAMI and KENJI KAWASE, Nikkei staff writers

July 28, 2023 04:10 JST

Updated on July 28, 2023 13:40 JST

GUANGZHOU/HONG KONG -- Shares in the electric vehicle arm of embattled property developer China Evergrande Group plunged 68% as trading in the company resumed on Friday after a nearly 16-month suspension.

Trading of China Evergrande New Energy Vehicle Group on the Hong Kong Exchange had been halted since March 31, 2022, due to the company's failure to publish its 2021 full-year financial results by that date.