The Rmb7.5bn ($1.2bn) acquisition by Chinese aviation-to-finance conglomerate HNA of one of the country’s major e-commerce platforms has been thrown into question as the group struggles to cope with prolonged financial distress.
HNA Technology, an HNA Group subsidiary which acquired US-based software distributor Ingram Micro through a $6bn takeover in 2016, announced its plan in April to acquire total control of Dangdang.com, a formerly New York-listed e-commerce platform, for $1.2bn.
The takeover, to be funded by new share issuance and RMB3.4bn ($495m) in cash, was announced during a period of financial distress for HNA Group as it dealt with the legacy of a $40bn debt-fueled buying spree.
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