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China Evergrande becomes penny stock as shares crash 87%
short by Hiral Goyal / on Monday, 28 August, 2023
Shares of the world's most indebted property developer China Evergrande Group crashed as much as 87% on Monday, becoming a penny stock. The company's stock resumed trading on the Hong Kong exchange following a 17-month halt. China Evergrande's market value declined to just $586 million on Monday from a peak of more than $50 billion in 2017.
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