(Bloomberg) -- 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. Most Read from BloombergChina’s Worsening Economic Slowdown Is Rippling Across the GlobeMarkets Ready for Swings After High-Rates Mantra of Jackson HoleTrump Doesn’t Look So Invincible in Post-Debate Polls3M Agrees to Pay More Than $5.5 Billion Over Military EarplugsFl
The decline to HK$0.35 as of the lunch break on Monday shrank its market value to just HK$4.6 billion from a peak of more than $50 billion in 2017.
Evergrande had applied to resume trading after saying improved internal control systems and processes met its obligations under Hong Kong listing rules. The stock had last traded on March 18, 2022, and the company has now lost 99% of its market capitalization since its peak. While Evergrande’s borrowings only slightly increased to 625 billion yuan, its trade and other payables to parties including suppliers climbed by a larger amount to 1 trillion yuan, the results showed.
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