In the early hours of October 4, Evergrande and Evergrande Properties of China suspended trading on the Hong Kong Stock Exchange, and the reasons for the suspension are not yet known.
According to China Evergrande's announcement on the Hong Kong Stock Exchange, shares of China Evergrande Group will be briefly discontinued from 9 a.m. today (4/10/2021). As a result, all structured products related to the company will also be temporarily discontinued.
It is worth mentioning that Evergrande, another subsidiary of Evergrande, has not yet stopped trading, opening more than 6 per cent lower after the opening bell.
It was previously reported thatSeveral Evergrande employees said in an interview that their department had informed them to continue their vacations after the 11th holiday until the end of October. Most of the production staff at the Manufacturing Bases in Shanghai and Guangzhou will be involved in the rotation, regardless of the research and development personnel of Hengchi 5 and Hengqi 6 vehicles.
Although Evergrande motor notice leave is "paid", but a number of employees said that they signed a labor contract with Evergrande, the salary structure consists of a base salary plus performance, 5th and 20th of each month in half. The minimum "paid" standard is actually half-pay.
One Shanghai employee said there was panic in the office and "everyone was brushing their resumes." ”
Reported that Evergrande Motor in the first half of this year, there are six models in the simultaneous development, but not long ago stopped other projects, only to retain the fastest progress of Hengqi 5, Hengqi 6. The Guangzhou and Shanghai plants, which were originally scheduled to produce the two cars, have stopped production. Some of the outsourced engineers responsible for production have been laid off. Hengchi 5 from Guangzhou to Tianjin to continue production, Shanghai and Guangzhou base production staff have also been transferred to Tianjin in batches to support.
It is worth mentioning that, as of the time of writing, Caixinha reported thatHesheng Ventures intends to acquire about 51% of Evergrande Properties and acquire a controlling stake in Evergrande Properties in a transaction amounting to more than HK$40 billion. Before today's Hong Kong stock market, China Evergrande, Evergrande Property, Hesheng Creation Exhibition are short suspension of the card.