- China Evergrande shares surged as much as 42% on Tuesday after trade in the stock resumed.
- The stock was suspended last Thursday following news its chairman has been put under police surveillance.
Shares of embattled Chinese real-estate developer Evergrande surged as much as 42% in 15 minutes after the stock resumed trading on Tuesday.
$4 was suspended last Thursday after $4 reported that Hui Ka Yan, the company's founder and chairman, had been put under police surveillance.
$4 that Hui has been subject to "mandatory measures" relating to "suspicion of illegal crimes."
Late on Monday, $4 there is no other inside information relating to the company that needs to be disclosed.
Evergrande's share prices $4 even before Tuesday. The stock had resumed trading on the Hong Kong stock exchange in August following a 17-month suspension since March 2022.
The real-estate giant had over $300 billion worth of liabilities at the end of 2022 and $4 on August 17.
But the debt-laden company's troubles had only been deepening.
In late September, Evergrande canceled $4 as part of its debt-restructuring exercise and announced it would be $4 Evergrande's main domestic unit, $4, also announced it failed to make payments on the principal and interest for a 4 billion Chinese yuan, or $547 million, bond due on September 25.
China Evergrande shares surged as much as 42% in early trade. They have pared gains and were 17% higher at 38 Hong Kong cents at 11.06 a.m. Hong Kong time on Tuesday.