Shares of the electric vehicle manufacturing arm of property developer China Evergrande plunged 23% on Monday after the unit revealed its vice chairman had been detained.
In a filing to the Hong Kong exchange, Evergrande NEV announced that “the company has learned that its executive director Mr. Liu Yongzhuo has been detained in accordance with the law on suspicion of illegal crimes.”
The filing did not elaborate on the nature of the crimes, nor when he was detained.
