February 2, 2018 / 1:44 PM / 8 months ago

HNA-Caissa scraps share private placement plan

BEIJING, Feb 2 (Reuters) - HNA-Caissa Travel Group Co Ltd , a unit of China’s beleaguered HNA Group , said on Friday it would scrap its share private placement plan mainly due to changes in regulations and market conditions.

HNA-Caissa Travel had planned to raise up to 3.09 billion yuan ($492 million) via the private placement, which it had revised three times from an original plan for up to 8.0 billion yuan announced in 2016.

The tourism service company will apply to withdraw its proposal from the securities regulator, it said in a filing to Shenzhen stock exchange on Friday. Trading in its shares has been suspended since January 19.

Since late 2016, the China Securities Regulatory Commission (CSRC) has been tightening its approval process for private placements to clamp down on speculative acquisitions, money misuse and irrational share valuations.

HNA-Caissa is one of many units of HNA Group, an aviation-to-financial services conglomerate which has been scrutinized over its ownership structure recently.

$1 = 6.2820 Chinese yuan renminbi Reporting by Min Zhang in BEIJING and Lee Chyen Yee in SINGAPORE; editing by Jason Neely

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