Stocks in China soared after the reform proposal released. Market believed it would be a good sign about financial market open up and expected equity financing boom in near future. HNA Group misses local bond payment due. IT and Telecom sectors led the gains, while Agriculture sectors led the falls. Combined turnover for both markets is CNY 576.9 billion, up 35.7% dod.
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*HNA Group Co. failed to repay a yuan- denominated bond last month in a sign that financial woes are deepening at the troubled Chinese conglomerate. HNA Group didn’t repay the principal and interest on its 1.5 billion yuan ($213 million) bond due July 28, according to people familiar with the matter. The payment wasn’t made as of Monday morning Beijing time, said the people who are not authorized to speak publicly and asked not to be identified. The privately placed note doesn’t have a grace period, its offering document shows. HNA Group didn’t immediately respond to a request for comment. (Bloomberg)
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