CHINA-ECONOMY: GOVERNMENT RUNS HNA
The Stock Times on February 29 reported that the HNA Group is a rapidly expanding airline and conglomerate in China. After the high-profile mysterious death of its Chairman, Wang Jian, in France in last year, the Hainan Provincial government has been leading its restructuring. The HNA Group announced on February 29 that its high liquidity risk that started at the end of 2017 continued and worsened in 2020 due to the novel coronavirus. Therefore, it requested to form the “Hainan Provincial Government HNA Joint Working Group” to coordinate and address the risk. The Hainan Provincial government has led the working group. Key personnel in the joint work group are all from government offices or state-owned enterprises:
The HNA Group also re-elected its seven-member board. Gu Gang and Ren Qinghua joined the board. While HNA Co-founder Chen Feng remained as the Chairman, Gu Gang became the Executive Chairman and Ren Qinghua became the joint-company CEO. HNA Group Co., Ltd. is a Chinese conglomerate headquartered in Haikou, Hainan, China. Founded in 2000, it is involved in numerous industries including aviation, real estate, financial services, tourism, logistics, and more. The magazine said people have been saying that the HNA Group is connected with Wang Qishan. |