FINANCE

HNA Group Pledges Stake in Chinese Bank for Cash

Hainan Province CiHang Foundation, HNA’s largest shareholder in China, pledged 919.3 million shares of China Postal Savings Bank at HK$3.08 per share on Dec. 15, according to a regulatory filings by the lender with the Hong Kong bourse. Photo: IC

Indebted HNA Group has pledged some of its stake in Postal Savings Bank of China as collateral to borrow money, Chinese conglomerate’s latest move to ease a liquidity squeeze.

The stake was valued at HK$2.83 billion ($362 million), regulatory filings show.

Hainan Province CiHang Foundation, HNA’s largest shareholder in China, pledged 919.3 million shares, or a 4.63% stake, of the bank at HK$3.08 per share on Dec. 15, according to a regulatory filing by the lender with the Hong Kong bourse Thursday.

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