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### China Evergrande’s Electric Vehicle Executive Detained by Police
A top executive of China Evergrande’s electric vehicle company, Liu Yongzhuo, has been detained by police, adding to the troubles of the heavily indebted property developer. This development comes at a time when the company’s shares have been suspended from trading, and another major shadow bank in China, Zhongzhi Enterprise Group, has filed for bankruptcy liquidation due to inability to pay its debts. The crackdown on excessive borrowing in the property development industry has led to the downfall of several companies, impacting China’s economic engine and causing ripples in financial markets.

### Market Reaction and Share Prices
The news of Liu’s detention and the bankruptcy filing led to a significant drop in share prices in both Hong Kong and Shanghai, with the benchmark Hang Seng index down 2.2%. China Evergrande New Energy Vehicle Group’s shares sank 3.6% after they resumed trading, while Evergrande Group’s shares lost 1.4%. Last week, Evergrande New Energy Vehicle had already seen its shares tumble nearly 20% after a deal to sell shares to Dubai-based NWTN Motors had lapsed. The company’s announcement of Liu’s detention did not provide any additional details about the situation.

### AI legalese decoder
The AI legalese decoder can assist in the current situation by helping to streamline and simplify complex legal language related to the detention of the executive and the bankruptcy filing. It can convert legal jargon into plain language, making it easier for stakeholders to understand the implications of these developments on China Evergrande and its electric vehicle company. Additionally, the decoder can help in analyzing legal documents and contracts to ensure compliance and mitigate potential risks in the face of regulatory scrutiny and financial challenges. By utilizing the AI legalese decoder, the company can better navigate the legal complexities surrounding its current predicament and make informed decisions to address the ongoing crisis.

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