The share price of Chinese property Evergrande just went on a rollercoaster session on Monday, plunging over 20% to an all-time low in early morning and surging more than 5% around noon.
Evergrande dropped as much as 20% to its record low of HKD0.188 per share on Monday at a court hearing, in which the company must defend itself against creditor’s requests for liquidation.
However, the share price started to pick up as session progress on the report of a Hong Kong judge delayed the court hearing to address a winding-up petition that was filed in 2022 by Top Shine, but was put on hold due to Evergrande’s restructuring.
Reuters reported that a High Court judge pushed back the hearing from October 30 to December 4, which would be the last hearing before making a final decision on the winding up order.
Evergrande’s share price rose by 5% to HKD0.255 per share at 11:54 local time.
However, if a wind-up order is delivered to the Chinese property giant, it could become the biggest-ever developer to face such a resolution under Hong Kong law.