Another HNA Stock Halted From Trading, Pending AnnouncementBloomberg News
Tianjin Tianhai suspended from trading in Shanghai Friday
Stock suspension follows similar move by HNA’s Hainan Air
Tianjin Tianhai, which owns the group’s Ingram Micro Inc. unit, rose 4.2 percent to 6.49 yuan on Thursday before Friday’s suspension. Group flagship Hainan Airlines Holding Co. has been suspended from trading since Wednesday, pending the possible announcement of a "major assets restructuring."
The Chinese conglomerate has been facing increasing pressure -- some banks are said to have frozen some unused credit lines to HNA units after they missed payments -- after a debt-fueled acquisition spree that left it with global assets ranging from hotels and refrigerated trucks to aviation and car rentals.
A representative at HNA had no comment, while Tianjin Tianhai couldn’t immediately be reached for comment.
— With assistance by Dong Lyu, and Prudence Ho