Shares of China Evergrande's EV unit soar after liquidators' stake sale deal

HONG KONG - Shares of China Evergrande New Energy Vehicle Group more than doubled on Monday as trade resumed after the company said liquidators had agreed on behalf of key shareholders to sell a stake in the electric vehicle maker.

The three collectively hold 58.5% of the cash-strapped EV unit, whose factory in the northern city of Tianjin stopped production at the start of 2024.The EV unit said the term sheet also mentioned that the potential purchaser would provide a line of credit to fund its operation and business development.

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