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China Evergrande’s electric car unit’s shares tumble 23% after warning

HONG KONG, Sept 27 (Reuters) – Shares of China Evergrande’s electric car unit China Evergrande New Energy Vehicle Group (0708.HK) plunged as a lot as 23% on Monday after it warned it confronted an unsure future until it received a swift injection of money and after it mentioned it won’t proceed with plans to subject RMB shares.

The warning after the market closed on Friday was the clearest signal but that the property developer’s (3333.HK) liquidity disaster is worsening in different components of its enterprise.

Reporting By Anne Marie Roantree; Editing by Muralikumar Anantharaman

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

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