Sixth HNA unit suspends shares from trading in Shanghai
HNA Infrastructure Investment’s shares fell by the daily limit of 10pc in Shanghai before the share trading announcement
HNA Infrastructure Investment company has asked that its shares be suspended from trading in Shanghai from Tuesday, according to a filing to the Shanghai Stock Exchange.
The company is the sixth subsidiary of embattled conglomerate HNA to suspend its shares from trading.
In the filing the company said that it had been informed its parent HNA Group was planning major activities involving HNA infrastructure, and that it did not know whether these activities would consist of a major restructuring of assets. As a result it asked that trading in its shares be suspended.
The company did not give any further details.
Before Monday’s announcement, which was issued after trading hours, HNA Infrastructure’s shares fell by the daily limit of 10 per cent, while HNA Innovation’s shares dropped by 9.75 per cent.
The other HNA units that have already been suspended from trading are HNA-Caissa Travel Group Company Bohai Capital Holding, Tianjin Tianhai Investment, Hainan Airlines Holding and CCOOP Group.
HNA, which had pursued an aggressive programme of acquisitions around the world, is currently dealing with a raft of regulatory and financial difficulties.
Its major strategic assets include Hainan Airlines Holding, the hotel group Hilton Worldwide Holdings, aviation servicing company Swissport, and a large shareholding in Deutsche Bank.
A senior official with Shanghai Pudong Development Bank, one of HNA’s creditors, told the South China Morning Post, last week that the bank was having to accept a “wait-and-see approach” towards the conglomerate’s revamp efforts.
Last Thursday, Reuters reported that US authorities would not approve any investments by HNA until the conglomerate provided adequate information about its shareholders.
Last Friday, Reuters also reported that company was looking for buyers for its stake in Spanish hotel chain NH Hotel Group.