HNA, the indebted Chinese conglomerate seeking to strengthen its finances, has abandoned plans to float Swissport, the air services group, just weeks after it was forced to pull plans to list the Gategroup catering group it also owns.
Swissport said in a brief statement that the planned initial public offering and listing on the Swiss stock exchange would be deferred “due to current market conditions”. It provided no further details. The company, which provides ground services and cargo handling, had revenues of €2.8bn last year.
The decision appeared to be a further setback for HNA following the collapse last month of plans to raise as much as SFr1.3bn ($1.37bn) by floating up to 65 per cent of Gategroup, which it acquired two years ago.
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