HNA Units Suffer Second Day of Stock Woes
HNA Group’s subsidiaries listed on the mainland and in Hong Kong have seen their share prices take a hit in morning trade Thursday after the debt-ridden conglomerate announced its chairman had expectedly died a day earlier.
Shares of Shanghai-listed Zhejiang Haiyue Co. Ltd., an oil and gas distributer that HNA acquired in early 2017, dropped 4.19% to 8.6 yuan ($1.29). Two of its other mainland-listed units — HNA Innovation Co. Ltd., whose business involves tourism and real estate, and Northeast Electric Development Co. Ltd., a manufacturer of equipment used for power transmission — experienced similar declines.
In Hong Kong, most of HNA’s seven listed units shed value, with HKICIM, HNA’s investment company, losing almost 4%. Others, including HNA Technology Investments Holdings Ltd., CWT International Ltd. Hifood Group Holdings Co. Ltd. were down between 1% and 2.75%.
The capital markets were rattled after HNA Group announced on Wednesday that its co-founder and Chairman Wang Jian died after accidentally falling during a business trip to France.
The news sent most of the shares of HNA’s listed subsidiaries into a slump on Wednesday. Hong Kong-listed CWT, a Singaporean commodities and logistics group acquired by HNA in late 2017, fell as much as 7.4% before closing 5.6% lower on the day.
Trade in most of HNA’s mainland-listed subsidiaries has been suspended since late last year amid the company’s efforts to restructure assets amid its heavy debt burden.
Contact reporter Mo Yelin (firstname.lastname@example.org)
Read more about HNA’s financial problems.
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