HNA Units Say $10 Billion in Funds Misused by Shareholders (2)

Three listed companies of China’s HNA Group Co. said shareholders and affiliates misappropriated at least 63 billion yuan ($9.8 billion) of funds, deepening the woes of the indebted conglomerate that’s set to be restructured.

Hainan Airlines Holding Co., HNA Infrastructure Investment Group Co. and CCOOP Group Co. also reported they have failed to disclose about 46 billion yuan in debt guarantees, according to separate filings to the Shanghai and Shenzhen stock exchanges on Jan. 30. The companies said they found the alleged wrongdoings after “self-investigation.” Shares of some of the group firms fell almost by their daily limit on ...