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Hainan Airlines increases equity in three carriers for US$850 million
October 20th 2017
Hainan Airlines, the major carrier in the HNA Aviation stable of airlines, has spent US$850 million to increase its shareholdings in three Chinese domestic carriers. Read More » HNA has acquired an additional 49.4% in Shanxi Airlines from minority holders. It now holds 97% of Shanxi Airlines.
The conglomerate took another 37.6% of Chang’An Airlines. Its shareholding in the airline now stands at 73%.
Last but not least, HNA bought an extra 10.3% stake in China Xinhua Airlines, bringing its holding to 62% of the Beijing-based carrier.
The purchases are the latest step by the nation’s fourth-largest airline to gain relevance through acquisitions without HNA’s backing. Hainan in June said it wanted to buy assets on its own outside the Mainland, undeterred by potential regulatory scrutiny of overseas deals, particularly stakes in financial institutions, by its corporate parent.
In separate Hainan Airlines news, the carrier last week inaugurated a twice-weekly Beijing-Prague-Belgrade route, the first to link the Czech Republic and Serbia with China.
