Shares of EVERG SERVICES (06666) tumbled sharply in afternoon trading, at one point dropping more than 27%. At the time of writing, the stock was down 20.59% to HKD 0.81, with a turnover of HKD 96.007 million.

The sharp decline follows a company announcement. The firm stated it was informed by its liquidators that negotiations between the potential seller and the potential buyer have been terminated. No formal or legally binding sale and purchase agreement for the potential transaction was entered into by the parties.

The liquidators are now actively engaging with their financial advisors to seek other potential buyers for the controlling stake in the company held by EVERGRANDE (03333) and CEG Holdings. This development marks a reversal from mid-April, when the company announced that EVERGRANDE and CEG Holdings had entered into an exclusivity agreement with a potential buyer, initiating a 30-working-day exclusive negotiation period for a 51.016% stake in EVERG SERVICES.