China Evergrande New Energy Vehicle hits near 5-month low on parent's debt concern

Reuters2021-06-07

** Shares of China Evergrande New Energy Vehicle Group Ltd fall as much as 8.3% to HK$32.60, their lowest since Jan. 22, on course for fourth straight session of decline

** Carmaking unit of property developer China Evergrande Group said in an initiation ceremony of the summer calibration testing of its Hengchi vehicles in Shanghai that it would start producing Hengchi vehicles in Q4 aiming for delivery in 2022 ()

** Brokers said investors were focused on the financial health of Evergrande Group and its units, and softer tone toward the auto segment when the latest development of the carmaking unit failed to give new excitement to the market

** China Evergrande falls 5.3% to HK$10.82, lowest since March 2020

** China Evergrande says debt level to drop close to year-end target by end-June

** Both the Hang Seng China enterprises index and the benchmark index slide 0.7%

** As of last close, the stock of China Evergrande New Energy Vehicle has surged 17.7% this year

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