Evergrande shares plunge over 80% as trading resumes after 17 months amid ongoing restructuring efforts

Evergrande reported a 50% narrowing in net losses for the first half of 2023 compared to 2022, attributing it to a rise in revenue.
The company's shares plummeted over 80% upon resuming trading in Hong Kong after a 17-month suspension.
Evergrande has total liabilities of around $327 billion and continues to face severe financial challenges.
The firm has applied for bankruptcy protection in the US and proposed a debt restructuring plan yet to be approved by creditors.
Trading resumption was necessary for Evergrande to meet listing requirements and proceed with its offshore restructuring.