In Depth: How HNA’s Teetering Empire Left One Listed Company Looted

The conglomerate HNA Group Co. Ltd. once had big plans for the company now known as CCOOP Group Co. Ltd.

For more than a decade after the Chinese state-owned enterprise bought a controlling stake in what was then a regional grocery store operator, CCOOP went on a nationwide acquisition spree as it sought to gorge its way to becoming China’s answer to Walmart Inc.