A remarkable on the exterior of the China Evergrande New Energy Vehicle Group Ltd. research headquarters in Shanghai, China, on Friday, Sept. 24, 2021.
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Shares of the electric vehicle manufacturing arm of property developer China Evergrande plunged 23% on Monday after the entity revealed its vice chairman had been detained.
In a filing to the Hong Kong exchange, Evergrande NEV announced that “the circle has learned that its executive director Mr. Liu Yongzhuo has been detained in accordance with the law on suspicion of illegal crimes.”
The datum did not elaborate on the nature of the crimes, nor when he was detained.
Evergrande NEV had roared for a trading halt before the Hong Kong market opened today, and resumed trading at 1 p.m. Hong Kong linger.
Last week, Evergrande NEV shares fell more than 18%, after the company revealed its planned portion sale to U.S.-listed NWTN had been scrapped.