Acquisitive Chinese company HNA discloses new ownership

Business & Technology

A summary of the top news in Chinese business and technology for July 24, 2017. Part of the daily SupChina newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.

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Bloomberg reports, “Bank of America Merrill Lynch has told investment bankers to stop working on transactions with HNA for now amid growing concerns about the group’s debt levels and ownership structure.” HNA owns about 10 percent of Deutsche Bank, one of its many investments in an overseas spending spree that has lasted several years. HNA’s ongoing attempt to purchase the hedge fund of new White House communications director Anthony Scaramucci has also attracted interest in the U.S.

In response, HNA disclosed that two nonprofit organizations control 52 percent of the company. The organizations are named Cihang and are based in New York and HNA’s home base of Hainan Island. Bloomberg says that “the figures differ from available data as recently as late last year, when corporate filings showed that a businessman named Guan Jun owned a 29 percent stake via two holding companies. Guan doesn’t show up in HNA’s latest statement.”