China Evergrande Group tumbled by up to 87% in Hong Kong trading after a 17-month suspension, plummeting to penny stock status, as the heavily indebted developer revealed further losses and postponed creditor meetings.

As of the midday pause on Monday, the company's value shrank to HK$0.35, a stark contrast to its peak of over $50 billion in 2017.

In the midst of an extensive debt restructuring process, the developer disclosed a loss attributable to shareholders of 33 billion yuan for the six months ending June 30, as detailed in a filing to the Hong Kong stock exchange on Sunday. This loss compounds the more than 582 billion yuan losses over the previous two years, marking the first annual losses since its listing in 2009.

Creditor meetings, previously slated to start on Monday, were postponed by the beleaguered developer, magnifying the uncertainty surrounding one of China's largest restructuring efforts ever. The rescheduled meetings are now set for late September, allowing creditors ample time to comprehend the terms of the proposed schemes and consider recent developments, including the resumption of share trading.

Evergrande, having met its obligations under Hong Kong listing rules with improved internal control systems and processes, sought permission to recommence trading. The stock had last been traded on March 18, 2022, and the company's market capitalization has now dwindled by 99% from its peak.