HNA Group has withdrawn its bid to acquire a majority stake in Hong Kong’s largest hedge fund, Value Partners, dealing a blow to its quest to become one of the world's largest companies as liquidity concerns waft over the highly acquisitive, debt-heavy Chinese conglomerate.
Value Partners, which has a market value of $2 billion, said in a regulatory filing on Thursday that the termination was due to “commercial considerations” among the parties involved, without providing more details.
Neither Value Partners chairman Cheah Cheng Hye nor HNA immediately responded to FinanceAsia's emailed requests for further comment.
The surprise statement ...
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