Shares of Chinese developer Evergrande fell 87% on the first day of trading on the Hong Kong stock exchange after a 17-month break.

At the opening of trading, the price of the company's securities fell to 0.22 Hong Kong dollars per share. By the close of trading, losses amounted to 78.79%, and the shares were trading at a price of 0.35 Hong Kong dollars.

The market value of the company, as of August 28, amounted to 4.6 billion Hong Kong dollars (approximately $ 586 million). This is a very significant decrease compared to the peak market value of the company in 2017, when it exceeded $50 billion.

Recall that Evergrande stopped trading its securities on the Hong Kong stock Exchange almost a year and a half ago, from March 18, 2022. Trading was resumed after the company fulfilled the exchange's requirements to improve internal control, as well as after the publication of financial results for the first half of the year.

Evergrande's financial results reflected a net loss of 39.3 billion yuan, due to increased operating expenses, losses due to litigation, land seizures, asset sales and depreciation of real estate projects. 

The total amount of the company's debt by the end of June amounted to 2.39 trillion yuan, which exceeds the value of all its assets (1.74 trillion yuan). Analysts call Evergrande the most credited developer in China. Losses attributable to shareholders amounted to 33 billion yuan ($4.5 billion).