China Evergrande NEV slips as creditor files for bankruptcy of co's unit

China Evergrande New Energy Vehicle

09/09/2024 04:11

** Shares of China Evergrande New Energy Vehicle Group
(NEV) 0708.HK  fall as much as 10.6% to HK$0.22 in resumed
trade, their lowest since April 26
    **  A creditor, Zhejiang Chint Electrics  601877.SS , filed
a petition for the bankruptcy of a unit of China Evergrande New
Energy Vehicle in a Shanghai court, the third such petition
against the embattled car company
    ** The court said it will hold a hearing on Sept. 18 to
decide whether it will accept the petition to start a bankruptcy
proceeding
    ** A new bankruptcy proceeding could add pressure on the
liquidators of parent firm China Evergrande Group  3333.HK  to
recover debt for creditors and secure a potential investor for
its EV unit
    ** Hang Seng Commerce & Industry Index  .HSNC  declines 2%, 
Hang Seng Composite Index  .HSCI  falls 1.9% and Hang Seng Index
 .HSI  down 1.8%
    ** Shares of China Evergrande NEV down 51.8% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))