Shares in the electric car unit of China Evergrande, the world’s most indebted property company, surged to a record high after a $3.4bn cash injection boosted hopes for its stalled ambitions to rival the likes of Tesla.
The company’s Hong Kong-listed shares soared more than 60 per cent on Monday, a day after the group announced that strategic investors had bought a 9.75 per cent stake for HK$26bn (US$3.35bn).
Evergrande Auto, as the EV unit is known, has vowed to spend Rmb30b