controlled companies' shares rise after govt help sought
02/03/2020 02:21
(Adds price changes for other HNA group firms)
BEIJING/SHANGHAI, March 2 (Reuters) - Shares in HNA
Group-controlled companies rose on Monday after the Chinese
conglomerate said it had asked the government to help it resolve
liquidity risks caused by the coronavirus outbreak.
Hainan Airlines 600221.SS , the flagship of HNA Group
HNAIRC.UL , rose by almost 3% by 0210 GMT, while HNA Technology
Investments Holdings 2086.HK surged more than 70%.
Other units such as HNA Investment Group 000616.SZ and HNA
Technology 600751.SS also saw their prices climb.
HNA Group, which was once one of China's most aggressive
dealmaking firms, said on Saturday it had asked the government
of China's province of Hainan to lead a work group as it was not
able to deal with the liquidity risks itself. urn:newsml:reuters.com:*:nL4N2AT09M
HNA directly owns or holds stakes in a number of local
Chinese carriers, and is among many companies pressured by the
coronavirus outbreak that has forced widespread flight
cancellations.
(Reporting by Stella Qiu in Beijing and Brenda Goh in Shanghai;
Editing by Muralikumar Anantharaman)
((brenda.goh@thomsonreuters.com; +86 (0) 21 2083 0088; Reuters
Messaging: brenda.goh.thomsonreuters.com@reuters.net))