© Reuters.File Photo: The HNA Group logo is displayed on the building of HNA Plaza in Beijing
Shanghai (Reuters)-Stocks of listed companies associated with the HNA Group plummeted early Monday after a puzzled Chinese conglomerate revealed that creditors had filed for bankruptcy.
HNA, once one of China’s most aggressive trading companies, said creditors applied for restructuring in a Hainan court on Friday.
The shares of Hainan Airlines Holding, HNA Innovation, CCOOP Group, HNA Technology Bohai Leasing and HNA Infrastructure Investment Group fell between 4.7% and 9.8%.
Over the weekend, Hainan Airlines, HNA Infrastructure, and CCOOP also revealed that a total of RMB 61.5 billion ($ 9.57 billion) was embezzled by shareholders and other related parties. However, details about who these shareholders are have not been disclosed.
The HNA Group has used a $ 50 billion global acquisition, primarily fueled by debt, to build an empire that invests in the following companies: Deutsche Bank (DE :) To Hilton Worldwide. Its main business is Hainan Airlines.
However, the spending was scrutinized by the Chinese government and foreign regulators. Amid growing concerns about rising debt, in 2017 we launched the sale of assets such as airport service company Swissport and electronics distributor Ingram Micro to focus on airlines and tourism. ..
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Shares in HNA’s listed units fall as creditors seek Reuters bankruptcy
https://www.investing.com/news/stock-market-news/shares-of-hnas-listed-units-slump-as-creditors-seek-bankruptcy-2404640 Shares in HNA’s listed units fall as creditors seek Reuters bankruptcy