HONG KONG: Shares of China Evergrande's electric car unit plunged as much as 26 per cent on Monday after it warned it faced an uncertain future unless it got a swift injection of cash and after it said it will not proceed with plans to issue RMB shares.
Shares of the electric car unit slid to as low as HK$1.66 in early trade before paring losses to fall 2.2 per cent. China Evergrande's stock rose 5 per cent to steady near the decade-low they made last week, while Evergrande dollar bonds were at distressed levels. "I think the markets have priced in that on the balance of probabilities, the shock and awe is over," said Kyle Rodda, analyst at brokerage IG Markets in Melbourne.
Its next major test in public debt markets will come on Sep 29, when it is due to make a US$47.5 million bond interest payment on its 9.5 per cent March 2024 dollar bond.
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