Debt-laden HNA continues to face challenges in its divestment and restructuring efforts as well as real estate ownership rights. In recent news, HNA Group will sell Radisson Holdings to Shanghai-government controlled hotel giant Jin Jiang International. In other parts of the business, HNA Infrastructure’s [600515:CH] board of directors decided against restructuring plans to acquire a separate HNA subsidiary, Hong Kong International Construction Investment Management (HKICIM) [0687:HK] due to poor timing. Finally, the Committee on Foreign Investment in the United States (CFIUS) stated there were national security regarding HNA Group’s ownership of a midtown Manhattan office tower in close proximity to Trump Towers. Today, A-share markets saw a small lift. SHCOMP inched up 0.03% to 2,795.31, SICOM crept up 0.70% to 8,813.49, and CSI 300 went up 0.22 % to 3,405.02, ChiNext Price Index increased 0.94% to 1,511.71. The Hang Seng Index bumped down 0.84% to 28,355.54.
Within the auto space, Geely is seeking to invest approximately USD1.9bn into Lotus, a British car manufacturer. Geely is also looking to up its stake in the company, which at present is 51%. It started discussions with Etika Automotive Sdn Bhd, owner of the other 49% of Lotus. In other news, the State Council has created a new cabinet-level body called the National Science and Technology Leading Group. It will oversee national technological developments within planning and strategy and replace the old National Technology and Education Leadership Group.