Debt-Heavy HNA Suspends Shares in Tourism Unit
Trading in shares of a unit of HNA Group was suspended on Friday after the indebted conglomerate’s chairman admitted his company is facing liquidity difficulties due to a recent global buying spree.
In requesting the halt, HNA-Caissa Travel Group Co. Ltd. – a tourism agency focusing on trips to overseas destinations – cited “undisclosed major issues that may have significant impact on the company’s stock price,” according to a filing with the Shenzhen stock exchange. Trading will be resumed pending a further announcement, the document said.
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