Summary
By Jiahui HuangTrade in China Evergrande New Energy Vehicle's shares was halted in Hong Kong after one of its unit's creditors applied for bankruptcy liquidation in a Shanghai court.
Shares of the electric-vehicle unit of property developer China Evergrande Group fell 5.4% to 25 Hong Kong cents, the equivalent of 3 U.S. cents, before trade was halted early Thursday.
The halt came after a late Wednesday court statement that Shanghai-listed Zhejiang Chint Electrics had filed a winding-up petition for Evergrande New Energy Vehicle's Shanghai subsidiary in a local court.
China Evergrande New Energy Vehicle's Shanghai unit has a registered capital of about 3.01 billion yuan, equivalent to $423.2 million, according to data provider Wind.
In late July, creditors of two Guangdong-based China Evergrande New Energy Vehicle subsidiaries applied to a local court for bankruptcy and reorganization of the units.