HNA Group CEO skipping gathering of leaders at Davos: sources

[BEIJING] The chief executive officer of HNA Group, the Chinese conglomerate that's under scrutiny because of its debt-fuelled acquisition spree and ballooning financing costs, has cancelled plans to attend the World Economic Forum's (WEF) annual meeting, people familiar with the matter said.

It wasn't immediately clear why Adam Tan, who's on the list of attendees for the summit to be held Jan 23 to 26 in Davos, Switzerland, decided to pull out. The people asked not to be identified discussing a private matter and declined to provide further details. An HNA representative couldn't immediately comment when contacted by Bloomberg News on Thursday.

The last-minute cancellation comes as shares of three of the group's units are halted trading, pending unspecified "major" disclosures. HNA emerged from near obscurity over the past two years after a US$40 billion-plus buying spree that included large stakes in Deutsche Bank AG and Hilton Worldwide Holdings Inc.

The Chinese delegation to the WEF this year will be led by President Xi Jinping's top financial and economic adviser, Liu He. Other Chinese executives scheduled to attend the summit include Alibaba co-founder Jack Ma, Baidu president Zhang Yaqin and Guangzhou Automobile Group chairman Zeng Qinghong.

BLOOMBERG