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China's Hainan Airlines slumps after lifting trading suspension

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China's Hainan Airlines slumps after lifting trading suspension

China's Hainan Airlines slumps after lifting trading suspension
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CHINA STRINGER NETWORK(Reuters)
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SHANGHAI (Reuters) - Shares in China's Hainan Airlines <600221.SS> <900945.SS> opened 9.9 percent lower on Friday, close to the daily limit, after it resumed trading following a six month suspension that it attributed to a "major asset restructuring".

China's fourth-biggest carrier halted trading in its shares on Jan. 10. In March, it said it would take over stakes owned by parent HNA Group [HNAIRC.UL] in airlines and hotel units, and in June it said it would issue shares to acquire aviation assets valued at 10.48 billion yuan ($1.6 billion).

HNA, the aviation-to-financial services conglomerate, has been selling overseas real estate and some of its biggest financial and strategic investments following a $50 billion acquisition spree over the past two years.

(Reporting by Brenda Goh; Editing by Stephen Coates)

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