Evergrande Shares Plunge as HK Court Orders Liquidation, Trade Halted

Published on January 29, 2024

A Hong Kong court on Monday ordered the liquidation of China Evergrande Group, a move likely to send ripples through China’s crumbling financial markets as policymakers scramble to contain the deepening crisis. As the news broke, trading in Evergrande shares tumbled over 20 percent. With its 2.39 trillion yuan ($333 billion) in liabilities, its market value fell to just HK$2.15 billion ($275 million) on Monday morning, trading at $0.02. Trading in shares of China Evergrande and its listed subsidiaries China Evergrande New Energy Vehicle Group and Evergrande Property Services, have since been halted. This is a breaking story. Please check back for updates. Reuters contributed to this report....

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