Shares of China Evergrande (3333.HK) jumped as much as 42% in volatile trade on Tuesday, days after the embattled developer said its billionaire founder was being investigated over unspecified crimes.
Evergrande’s stock was suspended last Thursday after a report that its chairman and founder had been placed under police surveillance. The world’s most indebted developer later said in a statement that Hui was being investigated.
“There is currently no other inside information in relation to the company that needs to be disclosed,” Evergrande said in a statement late on Monday.
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