China Evergrande Shares Plunge 87% As Trading Resumes After 17-Month Hiatus
Portfolio Pulse from Benzinga Neuro
Shares of China Evergrande Group (OTC:EGRNF) plunged 87% as trading resumed after a 17-month pause. The company reported a loss of 39.25 billion yuan ($5.38 billion) for six months ending June, a significant drop from the previous year. However, the company's revenue showed an upward trend. Evergrande, which filed for Chapter 15 bankruptcy protection in a U.S. court in July, had total liabilities of 2.39 trillion yuan ($327.70 billion) as of June 2023.
August 28, 2023 | 9:37 am
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China Evergrande Group's shares plunged 87% as trading resumed. The company reported a significant loss but an upward trend in revenue. It had filed for Chapter 15 bankruptcy protection in a U.S. court in July.
The significant drop in China Evergrande Group's share price is due to the company's financial struggles, including a significant loss and bankruptcy filing. However, the upward trend in revenue may provide some hope for the company's future.
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