Shares of Chinese developer Sinic during trading on the Hong Kong Stock Exchange on Monday, September 20, plunged 87 percent to 0.5 Hong Kong dollars (about five rubles) against the background of news of the expected default of one of the country’s largest developers, Evergrande. In the afternoon, the auction was stopped without explanation.

The halt in trading was preceded by a 14-fold increase in the number of transactions in the company’s shares compared to the annual average. The market value of Sinic has dropped to US $230 million. The fall in the Hong Kong real estate index was the most substantial since May 2020.