China Evergrande's EV unit says vice chairman detained (updated)

Robo.ai

08/01/2024 04:45

(Recasts and writes through on detainment)
       Jan 8 (Reuters) - China Evergrande New Energy Vehicle
Group  0708.HK  said on Monday an executive director Liu
Yongzhuo, who is the firm's vice chairman, has been detained on
suspicion of "illegal crimes" but did not elaborate further.
    The electric vehicle arm of the embattled property developer
China Evergrande Group  3333.HK  added its shares will resume
trading from 1 p.m. (0500 GMT).
    The shares were suspended from trading in the morning
session, pending a statement from the company.
    The stock plunged 18.6% in the first week of 2024 after it
said last Monday that plans for it to sell shares to U.S.-listed
NWTN  NWTN.O  had been scrapped.
    Hui Ka Yan, chairman and founder of parent Evergrande Group,
the most indebted property developer in the world, has also been
under investigation for suspected crimes, according to a filing
in late September. 
    
    

 (Reporting by Donny Kwok and Clare Jim; Editing by Edwina
Gibbs)
 ((donny.kwok@thomsonreuters.com; +852 3462 7745;))