Shares of China Evergrande New Energy Vehicle fell 7% early on Monday morning following requests by two of the company’s divisions’ individual creditors for court authority to file for bankruptcy and reorganize the units.
In early Monday morning trading, shares of China Evergrande New Energy Vehicle (0708.HK), plummeted 7% after individual creditors of two of its divisions requested court approval for the units to file for bankruptcy and undergo reorganization. The manufacturer of electric vehicles said that a local court had notified its subsidiaries, Evergrande New Energy Vehicle (Guangdong) and Evergrande Smart Automotive (Guangdong), regarding the application dated July 25.
The company stated in a filing to the Hong Kong stock exchange late on Sunday that “the above notice has a material impact on the production and operating activities of the company and the relevant subsidiaries.” The shares had an early advance before plunging to HK$0.295. China Evergrande New Energy Vehicle’s stock has decreased by over 40% so far this year.
Also read: Achieving Rapid Outcomes with AI-Driven Cloud Analytics
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.
CIO News is a proprietary of Mercadeo Multiventures Pvt Ltd.
