Space Industry and Business News
CAR TECH
Evergrande's EV unit resumes trading after deal suspension
Evergrande's EV unit resumes trading after deal suspension
by AFP Staff Writers
Hong Kong (AFP) Oct 9, 2023

Shares in the electric vehicle arm of Chinese property giant Evergrande resumed trading on Monday after more than a week's suspension and a halt on its new share deal triggered by a criminal probe against its boss last month.

Trading in Hong Kong was only open in the afternoon on Monday as the city's bourse was closed for the morning session due to a typhoon.

Evergrande Vehicle's shares dipped slightly before climbing more than seven percent by 2:10 pm.

It dropped by nearly nine percent at the close of trading.

Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, when the behemoth confirmed its founder and chairman Xu Jiayin was suspected of "illegal crimes", following reports of him being held by police.

Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services, as its deal to issue 6.18 billion new shares for a total consideration of HK$3.89 billion ($496.72 million) was suspended.

With an estimated debt of $328 billion at the end of June, Evergrande has become a symbol of China's ballooning property crisis, which has seen several high-profile firms engulfed in a sea of debt, fuelling fears about the country's wider economy and a possible global spillover.

And the company warned last month it was unable to issue new debt because its subsidiary, Hengda Real Estate Group, was being investigated. Key meetings planned for debt restructuring were shelved.

Its property arm missed a key bond payment last week, and Chinese financial website Caixin reported that former executives had been detained.

A Hong Kong court is set to continue the hearing for a winding-up petition lodged by Evergrande's offshore creditors later this month.

su/mca

China Evergrande Group

Related Links
Car Technology at SpaceMart.com

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
CAR TECH
Vietnam EV maker VinFast reports jump in Q3 revenue
Hanoi (AFP) Oct 5, 2023
Vietnamese electric vehicle maker VinFast on Thursday reported a 159 percent jump in third-quarter revenue, mainly thanks to a huge rise in vehicle sales. Despite posting a loss of $2 billion in 2022 and over $1 billion in the first half of 2023, VinFast has embarked on a major push to become a global player in the crowded EV market. In a filing submitted to the US Securities and Exchange Commission Thursday, VinFast said its total revenues in the third quarter were $342.7 million, up 159 percen ... read more

CAR TECH
Physicists coax superconductivity and more from quasicrystals

$9.5 bn of key metals in overlooked electronic waste: UN

Spire Global selected by accelerate digitalization across the maritime industry

Making more magnetism possible with topology

CAR TECH
US Army awards Comtech $48M for future EDIM SATCOM solutions

BlueHalo expands US satellite operation capacity under Space Force SCAR Program

SSC partners with Johns Hopkins for software best practices in protected SATCOM

Picogrid releases smallest AI-Enabled Command Station deployable in minutes

CAR TECH
CAR TECH
Trimble and Kyivstar to provide GNSS correction services in Ukraine

Galileo becomes faster for every user

Present and future of satellite navigation

New Galileo station goes on duty

CAR TECH
RTX develops solid-state circuit breaker for NASA's hybrid-electric aircraft

Airbus Helicopters pioneers user-friendly ways to fly eVTOLs

Russian defence minister calls to speed up bomber production

Climate scientist 'could lose job' for refusing to fly

CAR TECH
Illuminating errors creates a new paradigm for quantum computing

Taiwan to probe firms over Huawei chip plants in China

Simulations reveal the atomic-scale story of qubits

EU moves to protect sensitive tech from rivals, China

CAR TECH
Hawaii gets $8M for new space tech to measure Earth's chemical composition

Ozone hole goes large again

NASA selects Umbra for their CSDA Program

EU agrees to eliminate climate warming 'F-gases' by 2050

CAR TECH
Toxic storms blamed on climate change cloud Tajikistan

UN conference adopts plan to reduce chemicals harm

Vietnam jails climate activist for tax evasion; Thai court drops charges over murdered activist

US adopts plan to phase out single-use plastics at national parks

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.