A sign outside the research headquarters of China Evergrande New Energy Vehicle Group Co., Ltd. in Shanghai, China, Friday, September 24, 2021.
Bloomberg | Bloomberg | Getty Images
Shares in the electric vehicle manufacturing arm of real estate developer China Evergrande plunged 23% on Monday after the unit revealed its vice chairman had been detained.
Evergrande New Energy announced in a filing document submitted to the Hong Kong Stock Exchange that “the company has learned that executive director Mr. Liu Yongzhuo has been detained in accordance with the law on suspicion of illegal crimes.”
The document did not detail the nature of the crime or the length of time he was detained.
Evergrande New Energy requested a trading suspension before the Hong Kong market opened today and resumed trading at 1 p.m. Hong Kong time.
Last week, Evergrande New Energy’s share price fell more than 18% after the news was revealed. its plan share Sale The US listing of NWTN has been cancelled.
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