Misplaced Pages

#473526

21-542: Liaoning Fangda Group Industrial Company Ltd is a Chinese industrial conglomerate focusing on carbon, chemicals, medical, steel products manufacturing, real estate development, mining, coking, aviation and other services. As of September 24, 2021, Liaoning Fangda Group Industrial Company Ltd took over control in HNA Group 's Aviation division, including its flagship Hainan Airlines . HNA Group In July 2017, HNA Group ranked No. 170 in 2017 Fortune Global 500 list with

42-583: A US information technology company. HNA Group was then advised by China International Capital Corporation in the transaction. In July 2017, HNA was targeted by the Central Government in a set of new measures that prohibit state-owned banks from lending money to Chinese private companies to curb their foreign investment activities and also over concerns about HNA's debt levels. Several banks associated with HNA's foreign investments halted new loans since, though some had already suspended their grants before

63-526: A hotel in New York City . HNA Group has spent more than US$ 3 billion on foreign acquisitions. It intends to be one of the top 50 companies in the world by 2030. In October 2005, Soros Quantum Fund invested $ 25 million stake in HNA Group. On February 18, 2016, HNA reached an agreement to acquire Ingram Micro Inc , a California-based technology distributor, for $ 6 billion, in the largest Chinese takeover of

84-534: A remote hotel in the United States. HNA Capital deals with financial services and investment banking . It has over 30 member companies, such as Bohai Trust . HNA Holdings is involved in real estate and the retailing industry . Subgroup HNA Airport Group operates 16 airports across China, including the airports in Haikou , Sanya , Weifang , Dongying , Yichang , Anqing , and Yingkou . HNA Logistics

105-424: A revenue of $ 53.335 billion. It is one of the most active investment companies in the world, acquiring numerous assets under its name. In 2021, the corporation declared bankruptcy after debt restructuring efforts failed. On December 8, 2021, Liaoning Fangda Group Industrial acquired HNA's aviation division. Later, on December 24, Hainan Development Holdings Co., Ltd. acquired HNA's airport division, and marked

126-834: Is engaged with shipbuilding , marine cargo transport, air cargo , and other elements of logistics . HNA Innovation Finance is headquartered in Hong Kong; its main business covers bulk commodity trading, financial investment and consumer finance products and services. HNA Innovation Media and Entertainment . The shares of HNA Group were owned by two companies directly: Hainan Jiaoguan Holding ( Chinese : 海南交管控股 ; pinyin : Hǎinán jiāoguǎn kònggǔ ; lit. 'Hainan Traffic Administration Holding') for 70% and Yangpu Jianyun Investments ( Chinese : 洋浦建运投资 ) for 30%. Two companies originally were incorporated by Chinese state-owned enterprises, such as Haikou Meilan International Airport . Hainan Traffic Administration Holding

147-512: Is involved in the tourism industry . Subgroup HNA Hospitality Group operates several resorts, business hotels, boutique hotels , and the Tangla hotel chain. In 2015, the HNA Group purchased a failing hotel in Kerhonkson, New York , in upstate New York. The Hudson Valley Resort & Spa was featured on an October 2017 Planet Money podcast exploring why a Chinese multinational company would invest in

168-787: The closing of the final chapter in the now defunct HNA Group. In 1993, Chen Feng , Wang Jian , Tan Xiangdong , among others, created Hainan Airlines , with approval by the Hainan Provincial Government. Following a restructuring of the airline in 1997, they founded HNA Group Co. Ltd. in January 2000. Since then, the Group has undergone great diversification , entering multiple industries such as tourism and logistics . It also significantly expanded its involvement with both national and international companies. These include several airlines , NH Hotel Group , Uber , and an office tower and

189-669: The company and received no compensation for doing so”. HNA Group also sued in exile Chinese billionaire Guo Wengui for defamation in June 2017, which Guo was spreading the rumour on the identity of the true owner of the group. In 2017, the Swiss Takeover Board ruled that HNA Group provided false information regarding Bhisé and Guan on the takeover of Gategroup . In September 2019, the Swiss Financial Market Supervisory Authority announced that it would lodge

210-521: The company. It is expected for the restructuring to take one year to complete. As part of the restructuring, most of the shares of HNA Group will be transferred to its creditors. In September 2021, founder and chairman Chen Feng and CEO Tan Xiangdong were arrested, while Chen's son Xiaofeng remained on HNA's board. The failed to restructuring makes HNA Group forced to split its assets and acquired by different buyers. In December 2021, HNA's aviation including its founding and flagship brand Hainan Airlines,

231-520: The measures were signed into effect. A year after investing, HNA Group was in talks to sell some or all of its 25% share in Hilton Grand Vacations , a timeshare business which had spun off from Hilton Worldwide Holdings the year before. Overall debt in 2017 is said to have reached $ 94 billion at a borrowing cost of $ 5 billion for the full year. To ease the burden, the company disposed of assets worth $ 13 billion. The liquidity shortage also led

SECTION 10

#1732855899474

252-447: The non-delivery of up to six Airbus A330 aircraft to be delivered to the group. On 29 January 2021, HNA Group declared bankruptcy after debt restructuring efforts failed. The Hainan High Court criticized the company's corporate governance structure regarding management of its affiliates in the ruling. Hainan Airlines confirmed that it was operating as normal. Creditors were demanding the equivalent of US$ 187 billion in liabilities from

273-434: The owners also became the 6 shareholders of Jianyun Investments with the same ratio; for newly established Xinhuading, the shareholders were 4 more HNA Group directors Lu Ying ( Chinese : 逯鹰 ), Zhang Ling ( Chinese : 张岭 ) Huang Gan ( Chinese : 黄玕 ) and Huang Qijun ( Chinese : 黄琪珺 ). After much speculation on his identity, Guan Jun, by-then the indirect second largest shareholder of HNA Group (who acquired

294-421: The stake from Bharat Bhisé), donated the stake to a US-registered private foundation Hainan Cihang Charity Foundation, Inc. in 2017. Reuters also interviewed Bharat Bhisé, who had served as a director of several subsidiaries of HNA Group, as well as a business partner in acquisition via Bhisé's owned Bravia Capital as well as a dealmaker, say he hold the shares of HNA Group indirectly, was “an 'accommodation' to

315-789: The stake owned by the union, were transferred in 2016. According to the record in the National Credit Information Publicity System, part of the stake (6.78%) of Hainan Traffic Administration Holding held by Zhongxin Airlines Holding was transferred to newly established company Xinhuading. While Jianyun Investments was now owned by HNA Group directors Chen Feng ( Chinese : 陈峰 , 35.05%), Wang Jian ( Chinese : 王健 , 35.05%), Chen Wenli ( Chinese : 陈文理 , 9.23%), Tan Xiangdong ( Chinese : 谭向东 , 6.89%), Li Jing ( Chinese : 李箐 , 6.89%) and Li Xianhua ( Chinese : 李先华 , 6.89%). For Zhongxin Airlines Holding,

336-530: The world's first alliance of low-cost carriers , U-FLY Alliance . While the founding members of the alliance— HK Express , Lucky Air, Urumqi Air, and West Air—are all affiliated with HNA Aviation, the alliance is also open to airlines not within HNA Group. On 27 March 2019, HNA Aviation sold full stake of HK Express to Cathay Pacific for HK$ 4.93 billion. The transaction was expected to be completed by 31 December 2019, and by that time HK Express would become Cathay Pacific's wholly owned subsidiary. HNA Tourism

357-593: Was 50% owned by Tang Dynasty Development ( Yangpu ) ( Chinese : 盛唐发展(洋浦) ), 25% by Yangpu Hengsheng Chuangye ( Chinese : 洋浦恒升创业 ) and 18.21% by Yangpu Zhongxin Airlines Holding ( Chinese : 洋浦中新航空实业 ) and 6.78% by Hainan Xinhuading Trading ( Chinese : 海南炘华鼎贸易 ) as of March 2017. Tang Dynasty Development (Yangpu) was 65% owned by Hainan Province Cihang Charity Foundation ( Chinese : 海南省慈航公益基金会 ) and 35% by Hong Kong incorporated company Tang Dynasty Development ( simplified Chinese : 盛唐发展 ; traditional Chinese : 盛唐發展 ). Tang Dynasty Development

378-431: Was 98% owned by Caymans -incorporated Pan-American Aviation Holding and 2% owned by Hainan Airlines. Pan-American Aviation Holding was 100% owned by Guan Jun as of 2016 ( Chinese : 貫君 ; pinyin : Guàn Jūn , acquired from Bharat Bhisé in 2016). Yangpu Hengsheng Chuangye was owned by HK incorporated company Headstreams Investment ( simplified Chinese : 千江源投资 ; traditional Chinese : 千江源投資 ), which

399-469: Was 98% owned by Bharat Bhisé and 2% by R.J. Conrads in 2004. As in 2015 Bhisé still owned 98% of Headstreams Investment, while the 2% stake of Headstreams was owned by Caymans-incorporated HAC (RAC), Limited as in 2011. In 2016, Bhisé also transferred the stake of Headstreams to Jun Guan. Yangpu Jianyun Investments and Yangpu Zhongxin Airlines Holding were owned by The Committee of Hainan Airlines Trade Union ( Chinese : 海南航空股份有限公司工会委员会 ). However, all

420-570: Was sold to Liaoning Fangda Group Industrial . HNA Aviation is affiliated with multiple Chinese airlines . These include the following: The group also has stakes in some carriers based outside the Chinese mainland, including Hong Kong Airlines as well as Africa World Airlines , Azul Brazilian Airlines (23.7%), MyCargo Airlines , TAP Air Portugal (2.5%) and had a stake in Virgin Australia (13%). On 18 January 2016, HNA Aviation formed

441-402: Was sold to Liaoning Fangda Group Industrial . In 2017 the total number of employees in the Group was over 410,000 and the number of overseas employees was nearly 290,000. HNA Group was composed of seven sub-groups: HNA Aviation, HNA Tourism, HNA Capital, HNA Holdings, HNA Modern Logistics, HNA Innovation Finance, and HNA Innovation Media & Entertainment. In December 2021, HNA Aviation

SECTION 20

#1732855899474
#473526