China Evergrande cuts top-up to $555m, stock dives

By Jonathan Breen
14 Oct 2020

China Evergrande Group’s stock price plummeted on Wednesday after the issuer slashed an overnight share sale to nearly half its initial target, raising HK$4.3bn ($554.9m).

The embattled property developer, which has been under pressure from creditors and regulators to trim its huge debt pile, has been in the spotlight since fears of a potential liquidity squeeze surfaced in September.

Evergrande’s stock tumbled late last month, while its onshore and offshore bonds were sold off, after a ...

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