Shares in China Evergrande slumped as they resumed trading after 17 months

Shares in China Evergrande Group, the world’s most indebted property developer, fell as much as 87% on Monday, trading for the first time since March 21, 2022.

Shares closed as low as 22 Hong Kong cents on Monday, compared with a close of 1.65 Hong Kong dollars per share on March 18, 2022.

Trading has resumed as the company posted a loss of 39.25 billion yuan ($5.38 billion) for the six months ended June, a smaller loss compared with a loss of 86.17 billion yuan in the same period a year earlier.

Revenue rose to 128.81 billion yuan in June 2022 from 89.28 billion yuan.

In July, the stricken company filed for Chapter 15 bankruptcy protection in U.S. court, which protects its U.S. assets from creditors while it works on a restructuring deal elsewhere.

Its filing to Hong Kong exchangeEvergrande reported total liabilities of 2.39 trillion yuan as of June this year, slightly lower than 2.44 trillion yuan in the six months ended June 30, 2022.

As of June, Evergrande had total assets of 1.74 trillion yuan, including total cash, cash equivalents and restricted cash of 13.4 billion yuan.

Evergrande made an announcement to default in 2021 Offshore Debt Restructuring Scheme In March, it struggled to complete projects and repay suppliers and creditors.

Earlier this year, the company posted an $81 billion loss in its long-term earnings report.

Net losses for 2021 and 2022 are 476 billion yuan and 105.9 billion yuan, respectively.

In 2020, before the company defaulted, Evergrande posted a net profit of 8.1 billion yuan.

— CNBC’s Sumathi Bala and Elliott Smith contributed to this report.