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China Evergrande Group's shares surge

By Wang Keju | chinadaily.com.cn | Updated: 2023-10-03 11:00

The logo of Evergrande Group is seen on the façade of its headquarters in Guangzhou, South China's Guangdong province, on July 24, 2020. [Photo/IC]

Shares of China Evergrande Group, one of China's largest private property developers, surged by more than 40 percent after the stock resumed trading on Tuesday following the debt-laden developer's founder Xu Jiayin, also known as Hui Ka Yan, being investigated over suspected illegal activities.

As of 10 am Beijing time, the company's share rose 21 percent. It surged by as much as 42 percent after it opened for trading on the Hong Kong Stock Exchange at HK$0.35 ($0.04).

Meanwhile, after initially rising by as much as 14 percent, China Evergrande Property Service Group Ltd, a subsidiary of China Evergrande Group, experienced a downturn with a dip of over 3 percent during morning trading.

Xu, board chairman and executive director of China Evergrande Group, is under investigation for suspected illegal activities and has been subjected to lawful enforcement measures on Thursday following the suspension of the company's shares from trading that day.

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