Evergrande EV Unit Soars After Hui Pledges to Shift Business
- Stock is still far off highs hit in Hong Kong in early 2021
- Chairman Hui said to be scaling down real estate operations
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China Evergrande Group’s electric-vehicle unit jumped in Hong Kong trading after the chairman of the indebted property giant said making such cars would become its main business within a decade.
Shares of China Evergrande New Energy Vehicle Group Ltd. climbed as much as 17% on Monday, the most in three weeks. Evergrande rose 6% before paring the gain to 0.7% at 3:01 p.m. The Securities Times reported Friday that Evergrande Chairman Hui Ka Yan said he plans to scale down real-estate operations to focus on new energy vehicles.