March 2, 2020 / 1:44 AM / a month ago

Shares in Hainan Airlines rise 5.6% after HNA Group asks govt for help

BEIJING/SHANGHAI, March 2 (Reuters) - Shares in Hainan Airlines, the flagship carrier of HNA Group , opened 5.6% higher on Monday after the Chinese conglomerate said it had asked the government to help it resolve liquidity risks caused by the coronavirus outbreak.

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.

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)

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