Evergrande Slumps as Investors See No Bailout After Huarong (1)

Don’t bet that the bailout of China Huarong Asset Management Co. means anything similar is in the works for China Evergrande Group.

That’s the message from investors who continued to dump the troubled developer’s stock and offshore bonds on Thursday, a day after the announcement of a state-led capital injection for Huarong.

Shares of Evergrande slid 4.8% in Hong Kong trading, the lowest since January 2017. Its 8.25% dollar bond due 2022 fell 2.7 cents to 45.8 cents, on pace for another record low.

Huarong’s bailout was reassuring for investors who went through months of agony guessing just ...