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.
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
RELATED
MOST POPULAR
- 1Update: China Demands Answers for Swedish Police’s ‘Brutal’ Treatment of Tourists
- 2China Could Ban Exports of Products Crucial to U.S. Manufacturers, Former Finance Minister Says
- 3 State-Owned Firms to Build $6.5 Billion Petrochemical Refinery in Alberta
- 4Bad Bank’s New Boss Begins by Erasing Fallen Predecessor’s Legacy
- 5Merck Slashes Key Cancer Drug Price for China
SPONSORED
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas