Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
FDA Says No Black Box Warning Planned for COVID-19 Vaccines Despite Safety Debate 
SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
FAA Unveils Flight Plan 2026 to Strengthen Aviation Safety and Workforce Development 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
Evergrande Group, a China-based real estate company, saw the shares of its electric vehicle unit, Evergrande NEV, drop sharply on Monday, Jan. 8, after it was revealed that its vice chairman, Liu Yongzhuo, has been detained by the police.
Evergrande Confirms the Executive’s Detainment
According to CNBC, Evergrande NEV’s shares plunged by 23% shortly after the story of Liu’s arrest was reported. In its recent filing with the Hong Kong exchange, the company announced it has “learned that its executive director Mr. Liu Yongzhuo has been detained, in accordance with the law on suspicion of illegal crimes.”
While it revealed the arrest of its executive chairman, Evergrande NEV did not share additional details about the subject. It did not mention the type of crimes that Liu is involved in nor the date when he was arrested and held in police custody.
Negative Impact of the Chairman’s Arrest
Liu is now under criminal investigation, and aside from the negative impact of this incident on Evergrande’s stock price, Reuters reported that the detainment is also likely to hurt the EV maker’s parent company, China Evergrande Group, a real property firm.
On top of this, Evergrande Group’s chairman and founder, Hui Ka Yan, is also under investigation for suspected crimes. These troubles are big stumbling blocks for the group and its affiliates, so they are bracing for possible outcomes that these developments may bring.
Meanwhile, Evergrande NEV’s shares were suspended from trade in Monday’s morning session pending the statement and dropped by as much as 23% in the afternoon.
Photo by: Nrya/Wikimedia Commons(CC BY-SA 4.0)
