China’s HNA Group canceled an initial public offering (IPO) for Switzerland’s Gategroup at the last minute because of a gap in valuation under current market conditions, dealing a blow to the debt-ridden Chinese company. Gategroup said the IPO, valued about CHF350 million ($370 million), was scheduled to begin trading on the SIX Swiss Exchange March 27. HNA had planned to raise as much as CHF1.29 billion ($1.4 billion) by selling a 65% stake in the Swiss aviation catering ...

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