BUZZ-China Evergrande NEV slips as creditor files for bankruptcy of co's unit

Reuters
2024-09-09

** Shares of China Evergrande New Energy Vehicle Group $(NEV)$ fall as much as 10.6% to HK$0.22 in resumed trade, their lowest since April 26

** A creditor, Zhejiang Chint Electrics , filed a petition for the bankruptcy of a unit of China Evergrande New Energy Vehicle in a Shanghai court, the third such petition against the embattled car company

** The court said it will hold a hearing on Sept. 18 to decide whether it will accept the petition to start a bankruptcy proceeding

** A new bankruptcy proceeding could add pressure on the liquidators of parent firm China Evergrande Group to recover debt for creditors and secure a potential investor for its EV unit

** Hang Seng Commerce & Industry Index declines 2%, Hang Seng Composite Index falls 1.9% and Hang Seng Index

down 1.8%

** Shares of China Evergrande NEV down 51.8% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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