GUANGZHOU/BEIJING -- HNA Group, the once high-flying Chinese conglomerate that has fallen into dire financial straits, appears set to remain a going concern after successfully lobbying the state for support.
The fallout from the new coronavirus has dealt a blow to the group's flagship airline business, but the financial problems long predate the epidemic. A history of attaining scale through leverage left the privately held conglomerate exposed to unforeseen crises.
