The Strategist

Evergrande shares fall by 80% after trading resumes

08/28/2023 - 14:08

The company had previously submitted an application to start trading its shares again on the Hong Kong Stock Exchange on August 28.

Dinkun Chen
Dinkun Chen
After nearly a year and a half without trading, shares of Evergrande, one of China's major real estate development businesses, have returned to the Hong Kong Stock Exchange with an 80% decline.

During the morning session, Evergrande shares were down 87%, but reclaimed ground later. Evergrande has previously submitted a request to start trading again on the Hong Kong Stock Exchange on August 28.

Evergrande stopped making payments to creditors and subcontractors in 2021 after several years of expansion and active borrowing. The business started offloading assets in an effort to avoid bankruptcy. 

As of March 21, 2022, trading in Evergrande's shares on the Hong Kong Stock Exchange was halted despite the fact that they had previously decreased in value multiple times.


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