HNA Unit CCOOP to Buy Retail Assets as Parent Reorganizes
(Bloomberg) -- A unit of HNA Group Co. plans to acquire retail assets as part of the Chinese conglomerate’s reorganization.
HNA’s CCOOP Group Co. may also sell shares as part of its plan for the purchase, according to a statement to the Shenzhen stock exchange late Tuesday. CCOOP is planning to buy stakes or assets from five companies including two property firms, a logistics company, a payment provider and an e-commerce software business. The unit will remain suspended from Shenzhen trading until further notice, according to the statement.
Shares of CCOOP dropped 44 percent last year before they were suspended from trading in November. Separately, Shenzhen-listed unit HNA Investment Group Co. was halted from trading on Wednesday ahead of a major announcement, becoming the sixth HNA unit -- excluding CCOOP -- to do so this month.
Once a little-known airline operator, HNA took on billions of dollars in debt as it made more than $40 billion of acquisitions over six continents since the start of 2016. With interests in tourism, logistics and financial services, it’s now the biggest shareholder of such well-known names as Hilton Worldwide Holdings Inc. and Deutsche Bank AG.
HNA has been in a spotlight in recent weeks as some banks are said to have frozen unused credit lines to HNA units after they missed payments.
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