Goldman Sachs has suspended work on a planned fundraising for a unit of HNA Group after the US investment bank determined the acquisitive Chinese conglomerate did not meet its due diligence standards.
The decision is the latest blow for HNA, which started off as a small domestic airline operator and has transformed into a sprawling group with interests ranging from financial services to aviation and leisure.
In the past three years, it has spent more than $40bn on global acquisitions but has been dogged by questions over who owns it and a Beijing clampdown on deal-hungry private Chinese conglomerates.
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