TECH - China Evergrande Shares Suspended In Hong Kong Amid Chairman Surveillance Reports | Benzinga
China Evergrande Group (OTC:EGRNF) shares have been suspended from trading in Hong Kong stock exchange following reports that its chairman is now under surveillance.
What Happened: Hong Kong’s exchange announced the suspension of Evergrande’s shares. This news comes in the wake of a Bloomberg report stating that the chairman of the troubled Chinese property developer has been placed under surveillance, CNBC reported.
This is not the first time Evergrande’s shares have seen a halt in trading. In March last year, trading was suspended and only resumed on Aug. 28 after a 17-month hiatus.
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Evergrande reported a loss of 33 billion yuan ($4.15 billion) to shareholders for the six months ending in June, which it disclosed on Wednesday. The company also reported an operating loss of 11.72 billion yuan ($1.6 billion) down from 39.36 billion yuan ($5.42 billion) in the first half of 2022.
Earlier this month, Evergrande postponed a debt restructuring meeting with creditors due ...