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Jan 18, 2024 - 11:45
By asia.nikkei.com

China Evergrande's EV unit says vice chairman has been detained

(Reuters) -- China Evergrande New Energy Vehicle Group said on Monday Liu Yongzhuo, an executive and vice chairman, has been detained on suspicion of "illegal crimes" but did not elaborate.

The electric vehicle arm of the embattled property developer China Evergrande Group also said its shares will resume trading at 1 p.m.

The shares were suspended in the morning session, pending a statement from the company.

The stock plunged 18.6% in the first week of 2024 after it said on Jan. 1 that plans for it to sell shares to U.S.-listed NWTN had been scrapped.