In recent months, there has been a new game in Hong Kong investment banking called ‘Distance yourself from HNA’.
It is easy to play. On the way up, everyone wanted to advise HNA, the acquisitive-though-opaque Chinese conglomerate whose big holdings include stakes in everything from Deutsche Bank to Hainan Airlines and Hilton Worldwide.
It was among the world’s most active investment companies from 2015 to early 2017 and therefore very much courted by western investment bankers.
Things started to change last year as concerns grew about debt levels and who actually owned the company.
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