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Thursday, Dec 09, 2021

China Evergrande's EV unit shares surge on business shift, Evergrande sinks

China Evergrande's EV unit shares surge on business shift, Evergrande sinks

Shares in China Evergrande Group's electric vehicle (EV) unit (0708.HK) rose as much as 5.8% early on Tuesday, extending gains from the previous day as the cash-strapped developer said it would prioritise the growth of its EV business.
China Evergrande (3333.HK), however, reversed early gains and fell more than 6%.

China Evergrande, reeling under more than $300 billion in liabilities, averted a costly default last week with a last-minute bond coupon payment, buying it more time to head off a looming debt crunch with its next major payment deadline on Friday.
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