March 26，Less than one day before listing，HNA Group has decided to suspend the listing plan of its airline catering service company Gategroup on the Swiss Stock Exchange。

Jiamei Group said，The reason for abandoning the IPO is the valuation gap under current market conditions，And said that the decision was made jointly with HNA Group。

HNA Group acquired Jiamei Group, which was still listed in Switzerland at the time, for approximately US$1.5 billion in 2016，After the acquisition is completed，Jiamei Group was delisted from the Swiss Exchange in April of that year。

HNA Group originally planned to sell 63% to 65% of the shares during the IPO of Jiamei Group on Tuesday，In turn, it raised approximately US$1.4 billion，To cope 188bet sports betting app download with the huge debt that is about to mature。But hours before trading starts，This long-gestating plan was abandoned by HNA，The reason is that potential investors are deterred by the price of the transaction。

Reuters quoted a source familiar with the IPO process as saying，HNA Group gave up listing because it knew the value of Jiamei Group，HNA is worried that the fundraising target may not be reached。

A report in the British Financial Times said，The failure of Jiamei Group’s IPO，Highlights people’s cautious attitude towards holding shares in HNA companies，Excessive pricing per share is also one of the reasons for the failure of listing。

Jiamei Group starts IPO inquiry this month，Reference price is CHF 16-21 per share，Calculated based on this target price，Its market value is approximately 2.1 billion to 2.6 billion Swiss francs (approximately 2.2 billion to 2.8 billion US dollars)。

“Many investors are unwilling to participate，We also do not believe that the market value of this company (Jiamei Group) can exceed 1.9 billion to 2 billion Swiss francs，Not to mention 2.6 billion。" Reuters quoted a Zurich trader as saying。

“Most investors believe that regardless 188bet sports betting app download of the price，Hainan Airlines will list Jiamei Group，But it turns out they were wrong。"The above-mentioned source said，If Jiamei Group’s per share price is lower，There will be sufficient demand in the market。

HNA’s debt crisis began at the end of last year，It has not been lifted yet，We are currently selling a large number of domestic and foreign assets to cope with the hundreds of billions of debts that are about to mature，Assets sold include those located in the United States、Hong Kong、Australian real estate，Stakes in Deutsche Bank and Hilton Hotel Group, etc.。

The Financial Times quoted a person familiar with the matter as saying，HNA originally planned to retain more than one-third of Jiamei Group’s shares after its IPO，This will allow it to maintain a considerable say in Camry Group，But this also causes some potential investors to worry。"In other companies，Anchor shareholders are welcome。But this time，Not very helpful。”

According to the official website of Jiamei Group，The company is headquartered in Zurich, Switzerland，4 in the world.30,000 employees，Serves more than 700 million passengers from more than 200 units in 60 countries or regions around the 188bet sports betting app download world every year。2017，Its revenue increased by 35% compared with 2016 to 4.6 billion Swiss francs (approximately 309.6.7 billion yuan)；Net profit reached 85.2 million Swiss francs (approximately 5.7.4 billion yuan)，161% increase year-on-year。

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"Financial Times" analysis said，Listing Swissport may even be more challenging than listing Camry，Because Swissport has provided a series of short-term loans to HNA affiliates，Leading its financial situation to become more entangled with its Chinese parent company。

*Source of this article: Interface News，Author: Luo Songsong，Original title: "Hainan Airlines gave up on Jiamei Group’s listing plan》.