`HNA' Name to Be Ditched by Hong Kong Unit of Chinese DealmakerBy
HNA Holding Group plans to be called CWT International
Parent under scrutiny as China restricts acquisitions abroad
HNA Holding Group Co., the Hong Kong unit of a Chinese dealmaker under government scrutiny, is ditching the ‘HNA’ name, the company told Hong Kong’s stock exchange on Sunday.
The firm plans to call itself CWT International Ltd., based on the name of a Singaporean warehousing-and-delivery company that it acquired.
The new name will “better reflect” its business strategy, HNA Holding said in the filing. The business segments of CWT Ltd. and its subsidiaries -- commodity marketing, financial services and logistics services -- have become the core business of HNA Holding and its units, it added.
HNA Group Co. is known for a global acquisition spree that included buying stakes in Deutsche Bank AG and Hilton Worldwide Holdings Inc. The firm is among those that have been under scrutiny as Chinese regulators restrict overseas purchases and assess the risks that deals may have posed to the country’s financial system.
The name change is subject to shareholders’ approval at a meeting on Nov. 29.