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Markets

HNA Group-linked stocks tumble after bankruptcy petition

Hainan Airlines falls by nearly 10% after disclosing $7bn loss on group dealings

HONG KONG -- Shares of companies under China's embattled HNA Group fell heavily on Monday following the disclosure over the weekend that bank creditors had petitioned for a court-supervised bankruptcy restructuring of the conglomerate in its home province of Hainan.

Flagship unit Hainan Airlines as well as department store operator CCOOP Group and HNA Technology each closed down just under 10%, the maximum daily movement on most mainland exchanges.

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