HNA Group Pledges Stake in Chinese Bank for Cash
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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