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IPFS News Link • Stock Market

Bankrupt Evergrande Crashes As Much As 87% After Resuming Trading Following 17 Month Halt

• https://www.zerohedge.com by Tyler Durden

The stock of the embattled real estate developer - which trade in Hong Kong under what was supposed to be the "lucky" ticker 3333 - opened 87% lower and ended the day at 0.35 Hong Kong dollars. Trading had been halted since March 21, 2022, when shares were priced at HK$1.65. Evergrande was the most traded stock in Hong Kong on Monday, with about 1.85 billion shares changing hands.

Evergrande said that a meeting with creditors to discuss offshore debt restructuring has been pushed back from Monday to Sept. 26 citing various reasons for the delay, including "numerous media reports which have wholly mischaracterized the restructuring recognition under Chapter 15" of the U.S. bankruptcy code.


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