Shares in Evergrande’s electric vehicle unit tumbled on Sept. 27 in Hong Kong after suspending plans for a secondary listing on Shanghai’s Star Market due to a “serious shortage of funds.”
The pulled listing is the latest blow to the unit that once had a higher stock market valuation than Ford. It comes as Evergrande’s liquidity crisis has roiled global markets and deepened fears among investors that they will not be repaid if the company defaults.
