July 20, 2018 / 1:41 AM / 10 months ago

China's Hainan Airlines slumps after lifting trading suspension

SHANGHAI, July 20 (Reuters) - Shares in China’s Hainan Airlines 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 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. ($1 = 6.7701 Chinese yuan renminbi) (Reporting by Brenda Goh; Editing by Stephen Coates)

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