Shares of China Evergrande EV unit plunge 23% after executive director is detained

A sign on the exterior of the China Evergrande New Energy Vehicle Group Ltd. research headquarters in Shanghai, China, on Friday, Sept. 24, 2021.

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Shares of the electric vehicle manufacturing arm of property developer China Evergrande plunged 23% on Monday after the unit revealed its vice chairman had been detained.

In a filing to the Hong Kong exchange, Evergrande NEV announced that “the company has learned that its executive director Mr. Liu Yongzhuo has been detained in accordance with the law on suspicion of illegal crimes.”

The filing did not elaborate on the nature of the crimes, nor when he was detained.

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Evergrande NEV had called for a trading halt before the Hong Kong market opened today, and resumed trading at 1 p.m. Hong Kong time.

Last week, Evergrande NEV shares fell more than 18%, after the company revealed its planned share sale to U.S.-listed NWTN had been scrapped.

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