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Chinese conglomerate HNA’s efforts to strengthen its finances have been dealt a blow with the collapse of plans to raise up to SFr1.3bn ($1.37bn) by listing Gategroup, the Swiss airline catering business it acquired less than two years ago.
中国综合企业集团海航(HNA)加强财务实力的努力遭到了打击。它计划让不到两年前收购的瑞士航空餐饮提供商佳美集团(Gategroup)上市，筹资至多13亿瑞士法郎（合13.7亿美元），但该计划已经泡汤。
HNA planned to float up to 65 per cent of Gategroup on the Swiss stock exchange today, but just hours before trading was due to start, the listing was abandoned after potential investors apparently baulked at the proposed terms.
海航原计划今日在瑞士证交所上市佳美集团至少65%的股份，但在交易开始几小时前，这一上市计划被放弃，原因是潜在投资者显然对提议的条款望而却步。
The failure of the initial public offering highlighted wariness about taking stakes in companies alongside HNA, although bankers close to the deal said it also flopped because of the price.
首次公开发行(IPO)失败凸显出，人们对于跟海航一起在企业持股抱有戒心，尽管接近这笔交易的银行家们表示，价格也是酿成此次失败的因素。
“There was too big a gap in valuation between their expectations,” said one person close to the deal.
“他们对于估值的预期分歧太大了，”一位知情人士表示。
HNA has an estimated $20bn in debt maturing this year or next. The company has sold some assets and extended credit arrangements with banks which — until the Gategroup setback — had helped it navigate a turbulent first three months of the year.
海航在今、明年将有约200亿美元的债务到期。该公司已出售了一些资产，并延长了与银行达成的信贷安排——在佳美集团上市受挫之前，这些银行曾帮助海航挺过了今年头三个月的动荡局面。
The IPO’s collapse also cast doubt on whether HNA would push ahead with separate plans to raise money from a public offering of shares from aviation services group Swissport.
IPO失败也让人怀疑海航是否会推进另一个计划，即通过瑞士空港(Swissport)的公开募股来筹资。
That listing could prove even more challenging than Gategroup’s because Swissport’s finances are more intertwined with its Chinese parent, due to a series of short-term loans the Swiss group has made to HNA affiliates.
让瑞士空港上市甚至可能比佳美集团上市更具挑战性，因为瑞士空港向海航关联企业提供了一系列短期贷款，导致其财务状况与中国母公司之间在更大程度上搅在一起。
“Gategroup has a much cleaner structure and is significantly lower leveraged than Swissport,” said one bond investor.
“佳美集团的结构更为清晰，而且其杠杆率显著低于瑞士空港，”一名债券投资者说。
Swissport yesterday reaffirmed its intention to seek an IPO in the second quarter of this year. Preparations were “well on track”, it said.
瑞士空港昨日重申，有意在今年第二季度进行IPO。它表示，准备工作正在“全面推进”。
