China Evergrande Shares Soar as Trade Resumes Amid Police Probe
- Evergrande up as much as 42% after trading halt last week
- Analysts say outlook remains uncertain given probe, debt woes
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China Evergrande Group soared as it returned from a trading halt, driven by what appeared to be speculative bets on a penny stock even as the developer’s fate hangs in the balance amid an official probe into its billionaire founder.
The property group’s shares jumped as much as 42% in early Tuesday trade before paring half of the gains. Unit Evergrande Property Services Group Ltd. rose nearly 14% earlier but has since turned lower, losing over 8% at one point.