Chinese Property Giant Evergrande Stock Halts Trading Amid Mounting Woes
Portfolio Pulse from Vandana Singh
Shares of China Evergrande Group (OTC:EGRNF) have been suspended in Hong Kong amid reports of police surveillance on its chairman. The company, which defaulted in 2021, faces a winding-up petition hearing on October 30. Evergrande recently postponed a debt restructuring meeting with creditors due to disappointing sales figures. The company reported a loss of 33 billion yuan ($4.15 billion) for H1 2022. The founder's net worth has dropped from $42 billion in 2017 to $1.8 billion.
September 28, 2023 | 12:19 pm
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Evergrande's shares have been suspended, and the company faces a potential liquidation. The company reported a significant loss for H1 2022, and the founder's net worth has significantly decreased.
The suspension of Evergrande's shares, the potential liquidation, and the significant loss reported for H1 2022 are all negative indicators for the company's financial health. This, combined with the significant decrease in the founder's net worth, suggests a negative short-term impact on the company's stock.
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