Shares in Evergrande’s electric vehicle unit tumbled in Hong Kong after it scrapped plans for a secondary listing on Shanghai’s Star Market, as bondholders remained in limbo after the indebted Chinese property developer missed a crucial payment last week.

The pulled listing is the latest hit to a unit that once had a higher stock market valuation than Ford and comes as a liquidity crisis at Evergrande has roiled global markets and spurred fears among international investors that they will not be repaid if the company defaults.

The developer failed to make an $83.5m coupon payment due on Friday for one of its dollar bonds and has a 30-day grace period before officially triggering a default. As of Monday morning, the developer had not provided any new information to international investors, according to a bondholder.