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HNA Group-controlled companies' shares rise after Chinese government help sought
[BEIJING] 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, the flagship of HNA Group, rose by almost 3 per cent by 0210 GMT, while HNA Technology Investments Holdings surged more than 70 per cent.
Other units such as HNA Investment Group and HNA Technology also saw their prices climb.
HNA Group, which was once one of China's most aggressive deal-making 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.
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.