China Evergrande's EV unit says vice chairman detained
China Evergrande New Energy Vehicle Group said on Monday an executive director, Liu Yongzhuo, the firm's vice chairman, has been detained on suspicion of "illegal crimes" but did not elaborate further.  In a filing to the stock exchange, the group – the electric vehicle arm of debt-ridden mainland property developer China Evergrande – added its shares will resume trading from 1pm, after a morning suspension. The developments come a week after a share plan between the group, also known as Evergrande Auto, and US-listed, Dubai-based firm NWTN lapsed. NWTN had planned to invest HK$3.89 billion in a 28 percent stake in Evergrande Auto, which has been under pressure since its parent company got sucked into a debt crisis in mid-2021. Last July, the electric vehicle subsidiary reported a combined net loss of 71.12 billion yuan for 2021 and 2022. Hui Ka Yan, chairman and founder of parent Evergrande Group, has also been under investigation for suspected crimes, according to a filing in late September. Evergrande Auto's shares were up 1.2 percent in afternoon trade at HK$0.42. (Additional reporting by Reuters)_____________________________
Last updated: 2024-01-08 HKT 13:30 