Evergrande Shares Plunge 87% in Hong Kong After Trading Resumes
- Becomes a penny stock in Hong Kong after 17-month halt
- Developer delays meetings with creditors on restructuring
China Evergrande Group slumped as much as 87% in Hong Kong trading following a 17-month halt, becoming a penny stock as the country’s most-indebted developer unveiled more losses and delayed meetings with creditors.
The decline to HK$0.35 as of the lunch break on Monday shrank its market value to just HK$4.6 billion ($586 million) from a peak of more than $50 billion in 2017.