HNA Group

Source: Wikipedia, the free encyclopedia.
HNA Group
IndustryAviation, tourism, financial services, real estate, logistics
FoundedApril 16, 1998; 26 years ago (1998-04-16)
FoundersChen Feng, Wang Jian, Tan Xiangdong, and others
DefunctDecember 8, 2021; 2 years ago (2021-12-08)
FateBankrupted
List
Successors
HeadquartersHNA Building,
Haikou
,
China
Key people
  • Chen Feng (Chairman)
  • CEO
    )
  • Zhang Ling (CEO)
  • Gu Gang (Party secretary of HNA Group)
RevenueIncrease
Parent
  • Hainan Traffic Administration Holding (direct)
  • Hainan Province Cihang Foundation (ultimate)
Footnotes / references
in a consolidated basis; equity and profit excluded minority interests; in Chinese Accounting Standards[1]
HNA Group Co., Ltd.
Simplified Chinese海航集团有限公司
Traditional Chinese海航集團有限公司
HNA Group
Simplified Chinese海航集团
Traditional Chinese海航集團

HNA Group Co., Ltd., was a Chinese conglomerate headquartered in Haikou, Hainan, China. Founded in 2000, it was involved in numerous industries including aviation, real estate, financial services, tourism, logistics, and more.[2] It is the owner of Hainan Airlines and a part owner of Grand China Air.[3]

In July 2017, HNA Group ranked No. 170 in 2017 Fortune Global 500 list with a revenue of $53.335 billion.[4] It is one of the most active investment companies in the world, acquiring numerous assets under its name.[5][6] In 2021, the corporation declared bankruptcy after debt restructuring efforts failed.[7] On December 8, 2021, Liaoning Fangda Group Industrial acquired HNA's aviation division[8]，later on December 24, Hainan Development Holdings Co., Ltd. acquired HNA's airport division,[9] and marked the closing of the final chapter in the now defunct HNA Group.

History

See also: Hainan Airlines § History

In 1993, Chen Feng, Wang Jian, Tan Xiangdong, among others, created Hainan Airlines, with approval by the Hainan Provincial Government.[10][11] Following a restructuring of the airline in 1997, they founded HNA Group Co. Ltd. in January 2000.[12][13][14] 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,[15] Uber,[16] and an office tower and 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.[17]

In October 2005, Soros Quantum Fund invested $25 million stake in HNA Group.[18]

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 a US information technology company. HNA Group was then advised by China International Capital Corporation in the transaction.[19]

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.[20][21] Several banks associated with HNA's foreign investments halted new loans since, though some had already suspended their grants before the measures were signed into effect.[22]

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.[23]

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 the non-delivery of up to six Airbus A330 aircraft to be delivered to the group.[24][25]

On 29 January 2021, HNA Group declared bankruptcy after debt restructuring efforts failed.[26] The Hainan High Court criticized the company's corporate governance structure regarding management of its affiliates in the ruling.[27] Hainan Airlines confirmed that it was operating as normal.[28] Creditors were demanding the equivalent of US$187 billion in liabilities from the company.[29] It is expected for the restructuring to take one year to complete.[30] As part of the restructuring, most of the shares of HNA Group will be transferred to its creditors.[31] In September 2021, founder and chairman Chen Feng and CEO Tan Xiangdong were arrested, while Chen's son Xiaofeng remained on HNA's board.[32][33] In December 2021 HNA Aviation, including its founding and flagship brand Hainan Airlines, was sold to Liaoning Fangda Group Industrial.[34]

Employment numbers

In 2017 the total number of employees in the Group was over 410,000 and the number of overseas employees was nearly 290,000.[35]

Entities

HNA Aviation has a stake in Hainan Airlines via Grand China Air

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.[36]

HNA Aviation

In December 2021, HNA Aviation was sold to Liaoning Fangda Group Industrial.[34]

HNA Aviation is affiliated with multiple Chinese airlines. These include the following:[37][38][39]

The group also has stakes in some carriers based outside the Chinese mainland, including

MyCargo Airlines,[41] TAP Air Portugal (2.5%) and had a stake in Virgin Australia (13%).[42]

On 18 January 2016, HNA Aviation formed 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.[43]

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.[44][45]

Other entities

HNA Tourism is involved in the

tourism industry. Subgroup HNA Hospitality Group operates several resorts, business hotels, boutique hotels, and the Tangla hotel chain.[46]

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 a remote hotel in the United States[47]

HNA Capital deals with financial services and investment banking. It has over 30 member companies,[48] such as Bohai Trust.

HNA Holdings is involved in real estate and the retailing industry.[49] Subgroup HNA Airport Group operates 16 airports across China, including the airports in Haikou, Sanya, Weifang, Dongying, Yichang, Anqing, and Yingkou.[12][50]

HNA Logistics is engaged with shipbuilding, marine cargo transport, air cargo, and other elements of logistics.[12][51]

HNA Innovation Finance[52][53] is headquartered in Hong Kong; its main business covers bulk commodity trading, financial investment and consumer finance products and services.[54]

HNA Innovation Media and Entertainment.

Subsidiaries

Leadership

Chen Feng, HNA Chairman
  • Chen Feng (co-founder and chairman of the board)
  • Wang Jian (co-founder and chairman of the board), died on 3 July 2018 in an accident[56][57]
  • Tan Xiangdong or Adam Tan (co-founder and vice-chairman of the board and CEO)
  • Li Xianhua (co-founder and vice-chairman of the board)
  • Lu Ying (vice-chairman of the board)
  • Chen Wenli (co-founder and member of the board of directors)
  • Zhang Ling (member of the board of directors and CEO)
  • Chen Xiaofeng (member of the board), son of Chen Feng[33]

Investments and acquisitions

Equity investments

As of 31 December 2019
  • Grand China Air (23.11%) as second largest shareholder
  • Haikou Meilan International Airport
  • Hainan Airlines (4.88% directly; additional 4.25% via subsidiary Changjiang Leasing) as second largest shareholder; Grand China Air is the largest shareholder of Hainan Airlines.
  • HNA Infrastructure
  • AID Partners Capital Holdings (via HNA Group Holding and subscription of convertible bond).[58]
  • HNA Technology (20.76% via HNA Technology Group)
  • Deutsche Bank (previously 9.90% as the largest shareholder as of April 2017, jointly owned by subsidiaries BL Capital Holdings and HNA Innovation Finance Group via C-QUADRAT Special Situations Dedicated Fund;[60] stake reduced to 8.8% as of February 16, 2018[61] and further reduced to 6.3% as of February 16, 2019[62])
  • NH Hotel Group (29.34% as of 27 February 2017)[63]

Acquisitions

2015

2016

2017

Divestments

Shareholders

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.[105]

Hainan Traffic Administration Holding 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.[106]

Tang Dynasty Development (Yangpu) was 65% owned by Hainan Province Cihang Charity Foundation (Chinese: 海南省慈航公益基金会)[107] 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 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).[108][58][107]

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 was 98% owned by Bharat Bhisé and 2% by R.J. Conrads in 2004.[105] As in 2015 Bhisé still owned 98% of Headstreams Investment,[109] while the 2% stake of Headstreams was owned by Caymans-incorporated HAC (RAC), Limited as in 2011.[110] In 2016, Bhisé also transferred the stake of Headstreams to Jun Guan.[111]

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).[55] However, all 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.[112] 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%).[112][107] For Zhongxin Airlines Holding, the owners also became the 6 shareholders of Jianyun Investments with the same ratio;[112][107] 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).[112]

After much speculation on his identity, Guan Jun, by-then the indirect second largest shareholder of HNA Group (who acquired the stake from Bharat Bhisé), donated the stake to a US-registered private foundation Hainan Cihang Charity Foundation, Inc. in 2017.[113]

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 the company and received no compensation for doing so”.[114] HNA Group also sued in exile Chinese billionaire Guo Wengui for defamation in June 2017,[115] 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.[116] In September 2019, the Swiss Financial Market Supervisory Authority announced that it would lodge a criminal complaint against HNA Group for repeatedly filing false disclosures of its shareholding structure.[117][118]

structure of HNA Group based on legal filings
6 directors of HNA Group4 directors of HNA GroupHainan Province Cihang FoundationHainan Cihang Charity Foundation, Inc.HAC(RAC), Ltd.
Pan-American Aviation HoldingHeadstreams Investment
Tang Dynasty Development
Zhongxin Airlines HoldingXinhuading TradingTang Dynasty (Yangpu)Hengsheng Chuangye
Jianyun InvestmentsHainan Traffic Administration HoldingHainan Provincial People's Government [zh]
HNA GroupHainan Development Holdingsother shareholders
Grand China Airpublic shareholders
Hainan Airlines

References

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  98. ^ Bloomberg: "China's HNA Buys $446 Million Stake in Old Mutual U.S. Unit" Archived 2017-05-23 at the Wayback Machine March 25, 2017
  99. ^ South China Morning Post: "HNA shares plunge after fugitive tycoon’s allegations" by Karen Yeung Archived 2019-11-19 at the Wayback Machine 24 April 2017
  100. ^ Avolon News: "Avolon completes US$10.38 billion acquisition of CIT Group aircraft leasing business - Avolon becomes world’s third largest lessor with combined fleet of 868 aircraft" Archived 2017-05-23 at the Wayback Machine April 4, 2017
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External links

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