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

Reuters
09 Sep 2024

** 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))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10