China Evergrande New Energy Vehicle’s shares plunged by 23% in Hong Kong on Friday
China Evergrande New Energy Vehicle, the electric vehicle unit of financially strapped China Evergrande Group, has scrapped a plan for a secondary listing at the Shanghai Stock Exchange, the company said in a filing Sunday. The proposed issue “will not proceed,” the statement said. Shareholders approved a plan to issue 1.56 billion yuan-denominated shares on October 20 last year. China Evergrande New Energy’s shares have collapsed since that date, however, closing at HK$2.
