Shares of debt-troubled property developer China Evergrande tumbled as much as 87% on its first day of trading in Hong Kong after its stock was suspended in March 2022.
It came as the company reported a loss of 39.25 billion yuan (US$5.38 billion) for the six months ended June 30, 2023, per a regulatory filing with the Hong Kong Stock Exchange on Sunday.
The company also delayed a vote on its offshore debt restructuring plan to September 25 to 26.
The company in July filed for Chapter 15 bankruptcy protection in a US court which allows it to protect its US assets from creditors while it works on a restructuring deal in another location.
Last month, the company published its 2021 and 2022 financial results which showed net losses of 476 billion yuan (US$66.36 billion) and 105.9 billion yuan (US$14.76 billion), respectively.
China Evergrande shares were down 78.8% at HKD$0.35 (US$0.04) at Monday’s close in Hong Kong after falling as low as HKD$0.22 (US$0.03).
Its last close on March 18, 2022, was at HKD$1.65 (US$0.21).
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