Qianhai Air & Shipping Exchange, part of China’s multi-sector conglomerate HNA Group, said it will exit the retail financial products business from Monday as it looks to transform its business.
The Qianhai exchange was founded by HNA Group in Shenzhen in 2014 as a platform for shipping and aviation projects to obtain financing from retail investors.
HNA Group will guarantee and supervise the fund repayments for retail investors while corporate borrowers have been informed by the exchange to repay their debt to investors.
According to the website of Qianhai, the exchange’s cumulative transaction volume has exceeded RMB160bn ($23.4bn).
Following the exit of retail financial products business, Qianhai Air & Shipping Exchange said it will focus on aviation asset trading and fintech.
HNA Group is now facing financial pressure with an estimated $90bn in debts accumulated during a global acquisition spree that included buying stakes in Hilton Hotels and Deutsche Bank.