Stock Groups

China Evergrande’s electric car unit’s shares tumble 23% after warning By Reuters

by Mike Robinson

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© Reuters. China Evergrande Group’s headquarters in Shenzhen (Guangdong province), China, September 26, 2021, features the company logo. REUTERS/Aly Song

HONG KONG (Reuters) – Shares of China Evergrande’s electric car unit China Evergrande New Energy Vehicle Group plunged as much as 23% on Monday after it warned it faced an uncertain future unless it got a swift injection of cash and after it said it will not proceed with plans to issue shares.

After Friday’s market close, the most obvious sign that China Evergrande’s liquidity crisis was worsening in its other business areas was the warning.

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