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Evergrande stock trading suspended in Hong Kong as chairman under surveillance

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Sep. 28, 2023 3:11 AM ETChina Evergrande Group (EGRNF)By: Manshi Mamtora, CFA

China Evergrande Center as Evergrande

LewisTsePuiLung/iStock Editorial via Getty Images

  • Shares of China Evergrande (OTC:EGRNF) were suspended from trading in the Hong Kong stock market on Thursday after reports of its chairman, Hui Ka Yan, being placed under police watch.
  • On Wednesday, Evergrande’s shares ended about 16% lower at 32 Hong Kong cents.
  • Trading in its stock had been halted in March last year and didn’t resume until August 28, a 17-month gap.
  • Evergrande (OTC:EGRNF), which has over $300B in debt, has been trying to generate money by selling assets and shares to pay its suppliers and creditors.

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