HNA Group Co., Ltd. has further cut its stake in Deutsche Bank Aktiengesellschaft (DB:DBK) to 5.11%, the Financial Times reported, citing a German regulatory filing. HNA, which owns the stake through C-Quadrat Investment AG and a chain of offshore holding companies, now actually owns only 0.19% of Deutsche Bank, as the rest of the stake is covered by derivatives that will gradually unwind, according to the report. The expiry of the derivatives led to the reduction of HNA's stake in the Deutsche bank, the FT noted, citing a February filing with U.S. regulators.