Jan 08, 2024 07:17 PM

BUSINESS

Evergrande’s Electric-Car Unit Plunges After Vice Chairman Detained

By Kelsey Cheng

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What’s new: Defaulted developer China Evergrande Group’s electric vehicle (EV) unit plunged in Hong Kong trading Monday after revealing its vice chairman had been detained.

China Evergrande New Energy Vehicle Group Ltd. said in a filing that Liu Yongzhuo, also an executive director, “has been detained in accordance with the law on suspicion of illegal crimes,” without providing further details.

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