HONG KONG/SHANGHAI: Shares in listed companies linked to China's HNA Group slumped on Monday, after the troubled conglomerate disclosed that its creditors had applied for its bankruptcy and that nearly $10 billion had been embezzled by shareholders of its three units.
The move to file for bankruptcy came after the group was put under a restructuring exercise led by the Hainan government to resolve its liquidity risks stemming from years of aggressive acquisitions abroad.
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