Apr 08, 2023 07:42 PM

FINANCE

Shanghai-Listed Developer on the Ropes After Share Plunge

By Quan Yue and Zhang Ziyu

Photo: Courtesy of Sichuan Languang

Photo: Courtesy of Sichuan Languang

Cash-strapped Shanghai-listed Chinese property developer Sichuan Languang Development Co. Ltd. is facing delisting risks, after its closing price fell below one yuan per share for two consecutive days and the company warned of insolvency.

Shares of Sichuan Languang closed down 7.77% at 0.95 yuan (14 U.S. cents) on Thursday. On Friday, the company closed further down 2.11% to 0.93 yuan per share.

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