China Evergrande's New EV Unit Faces Bankruptcy Ruling

China Evergrande New Energy Vehicle Group Ltd experienced unusual stock price and trading volume movements. The Shanghai Municipal Court reportedly accepted a bankruptcy and liquidation application for the unit. The company has not identified any reason for the trading increase.

The China Evergrande New Energy Vehicle Group Ltd has seen unexpected fluctuations in its stock price and trading volume. This follows a ruling dated March 17 from the Shanghai Municipal Court, which accepted a bankruptcy and liquidation application for the unit.

Despite these developments, the company claims it is unaware of any specific reasons behind the recent surge in market activity. This adds further uncertainty to China's already tumultuous real estate sector, with Evergrande facing significant financial challenges.

The news has captured the attention of investors and analysts alike, as they seek to understand the potential impact on Evergrande's broader corporate restructuring efforts. Further details on the situation are awaited.

(With inputs from agencies.)