Third HNA Unit Halted From Trading, Pending 'Major Matter'

(Bloomberg) -- HNA Group Co.’s Bohai Capital Holding Co. halted its shares from trading in Shenzhen ahead of a major announcement, becoming the Chinese conglomerate’s third unit to do so since last week.

Controlling shareholder HNA Capital Group Co. is planning a "major matter" that involves Bohai Capital, the company said in a filing to Shenzhen stock exchange on Wednesday. Shares of Bohai Capital will remain suspended for no more than 10 trading days, it said. The company will provide updates in a timely manner or seek to extend the trading halt if needed.

Bohai Capital joins Tianjin Tianhai Investment Co. and flagship Hainan Airlines Holding Co. in suspending their stock. Tianjin Tianhai and Hainan Air have said they’ll provide updates on the situation in the coming weeks.

Read more: Some ways HNA’s Hainan Airlines could restructure

HNA 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.

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