News Backgrounder
By the book at HNA Group
June 1st 2017
Mainland-headquartered conglomerate, HNA Group, has revealed the scale of the group’s ambitions in a series of six booklets, HNA’s Mysterious Code, that include a preface written by group’s founder, Chen Feng. Read More »
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The booklets outlined the group’s 2011-2016 Super X Plan, which aimed for the company to become one of the top 500 biggest companies in the world. By year end 2016, it had achieved its goal when it was listed 353rd in Fortune magazine’s list of the world’s biggest companies. In 2015, it ranked no. 454. This year, it is shooting for inclusion in the top 100.
HNA’s goal is to be a financial holding company by 2020, it said, and for it to become one of the top 10 companies globally, with annual revenues of US$240 billion and an asset value of US$11.6 trillion.
HNA Group co-chairman, Wang Jian, said the group wanted to control upstream and downstream industries including tourism, hotels, logistics, financial services and leasing as well as its stable of airlines. The seeds of the HNA Group were planted in 1988 when the Hainan provincial government was made a free economic zone. Chen, a Civil Aviation Administration of China employee, and three colleagues, took control of Hainan Provincial Airlines, which had two aircraft in its fleet.
Today, the group has 851 airplanes after it successfully rode the wave of economic reforms in China in the 1990s. It expanded its interests into other airlines, including HK Express and Hong Kong Airlines, and diversified into property, banks, an airport, aircraft lessor interests and hotels, resorts and related service industries.
