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在线翻译:
szdaily -> Markets -> 
Investors dump stocks linked to HNA
    2018-07-23  08:53    Shenzhen Daily

SHARES in companies linked to HNA Group slumped after resuming trading last week, highlighting investor concerns over the embattled conglomerate.

The decline was led by Shanghai-listed Hainan Airlines, China’s fourth-largest airline and HNA’s crown jewel, which opened 9.91 percent lower Friday after it lifted a six-month trading suspension.

HNA-affiliated CCOOP Group Co., which also resumed trading Friday, opened 10 percent lower, while HNA Caissa Travel Group Co. also tumbled by the daily limit of 10 percent when it opened after a six-month halt Thursday. HNA Caissa also plunged 10 percent Friday.

Aviation-to-financial services conglomerate HNA has been selling equity and real estate assets after a US$50-billion acquisition spree turned sour. Hainan Airlines has been part of that effort, saying in March that it would take over stakes owned by HNA in airlines and hotel units.

In June, the carrier said it would issue shares to up to 10 investors to raise up to 7 billion yuan (US$1 billion) to fund aircraft purchases and those stake acquisitions. It added that its owner would become Hainan Province Cihang Foundation, which is connected to HNA Group, after its restructuring.

Friday’s share slump was a vote of no-confidence in the plan, one analyst from a Shanghai-based brokerage said.

(SD-Agencies)

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