HNA Group

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HNA Group

logo
legal form Private company
founding January 2000
Seat New HNA Plaza, 7 Guoxing Road, Haikou , People's Republic of ChinaChina People's RepublicPeople's Republic of China 
management Chen Feng ( Chairman of the Board )
Li Xianhua (Chairman)
Tan Xiangdong ( CEO )
Number of employees 175,600
sales $ 29.562 billion
Branch Aircraft rental, ground handling, in-air catering , leasing, insurance, hotel , tourism
Website www.hnagroup.com
Status: 2017

The HNA Group (海航 集团 有限公司, hǎiháng jítuán yǒu xiàn gōngsī ) is a Chinese group of companies based in Haikou on the island of Hainan , which is mainly active in the aviation and tourism industries. HNA is the third largest aircraft rental company in the world, the largest groundhandling company and the market leader in in-air catering. It owns airports, freight companies, travel agencies and hotels in more than 100 countries, as well as shares in the Chinese online travel booking site Tuniu . In July 2016, the HNA Group was ranked in the Fortune Global 500- Ranked 111th with sales of $ 29.56 billion. The group filed for bankruptcy in January 2021.

history

HNA Group was co-founded in 2000 by Chen Feng and Wang Jian as a group of companies for the state administration of industry and trade in the Hainan Special Economic Zone in the extreme south of China.

In July 2017, the Hainan Cihang Charity Foundation was founded in New York ; with 29.5 percent it is the largest single shareholder in the HNA group. From 2017 to January 2019, the former Vice Chancellor Philipp Rösler headed the non-profit foundation.

From around the beginning of 2015 to mid-2017, HNA bought companies and holdings around the world for 40 to 50 billion US dollars. HNA is considered to be very complex and intransparent. The Chinese government has put the conglomerates Anbang, Fosun and Dalian Wanda "on a short leash" and is trying (as of mid-2017) to gain a deeper insight into the financing of private conglomerates such as HNA and to control them more closely. The Chinese financial regulator announced that it would examine the corporations.

In July 2018, co-founder Wang Jian died in an accident in France.

Subsidiaries and investments

The group is divided into eight areas:

  • HNA Tech
  • HNA Tourism
  • HNA Capital
  • HNA Holding
  • HNA Modern Logistics
  • HNA Innovation Finance
  • HNA Innovation Media & Entertainment
  • HNA Associated Industries

The HNA Tourism division has interests in 19 airlines. These include the airlines Beijing Capital Airlines , Chang An Airlines , China West Air , Deer Jet , Fuzhou Airlines , GX Airlines , Hainan Airlines , Lucky Air , Suparna Airlines , Tianjin Airlines and Urumqi Air .

In August 2006, the HNA Group also took a 45% stake in Hong Kong Express Airways . The stake was sold to Cathay Pacific in 2019 .

In October 2012, the HNA Group bought 48% of the shares in Aigle Azur (1970) , the second largest airline in France. The remaining 52% stayed with the GoFast group. In Europe, it also owns 29% of the NH Hotel Group and took over Gategroup in December 2016 .

The airport management division is involved in the airports in Haikou , Sanya , Sanxia , Weifang , Dongying and Manzhouli through affiliated companies. In August 2015, the French subsidiary PAI partners sold the world's largest service company for airlines and airports, Swissport, to the HNA Group for 2.73 billion Swiss francs . In April 2016, HNA made a takeover offer for the Swiss flight caterer Gategroup ; the transaction was completed at the end of 2016. This means that two former subsidiaries of the SAir Group are reunited under one roof.

The tourism division includes the tour operator Luckyway International Travel Service Company Ltd. and HNA Safe Car Rental Co. Ltd. summarized.

Other industrial holdings of the HNA Group are (as of 2008) z. B. the HNA Group (Hong Kong) Company , the Xi'an Minsheng Group Co. Ltd. who have favourited HNA Aviation Import and Export Company Ltd. and the HNA System Co. Ltd.

In 2016, the HNA Group offered to sell the stake held by the German state of Rhineland-Palatinate in Flughafen Frankfurt-Hahn GmbH , the operating company of Frankfurt-Hahn Airport , but was subject to the Shanghai Yiqian Trading Company .

In 2016 the HNA Group bought a stake of almost 50% in the flight catering company Servair from Air France .

In February 2016, the HNA Group announced that it would take over the US company Ingram Micro for around 6 billion US dollars through its subsidiary Tianjin Tianhai Investment Co.

On July 15, 2016, the aircraft maintenance company SR Technics was taken over with an 80% stake . On February 15, 2017, the HNA Group also acquired 3.04% of the shares in Deutsche Bank AG.

On January 17, 2017, together with RON Transatlantic Advisors, the majority takeover of the US investment company SkyBridge Capital of the financial investor Anthony Scaramucci took place . On March 31, 2017, an investment in Glencore Storage & Logistics takes place.

In May 2017, HNA increased its voting rights in Deutsche Bank to 9.92 percent, but reduced it to 8.8 percent in February 2018. HNA holds these shares through the financial investor C Quadrat . HNA is (as of February 2018) the single shareholder with the highest total share of voting rights, although HNA only owns 3.5 percent of the shares; the remaining voting rights are based on financial instruments . In February 2019, HNA's stake in Deutsche Bank fell to 6.3 percent.

The planned takeover of the New Zealand bank UDC Finance by HNA was rejected by the local authorities at the end of December 2017 because the ownership structure of the HNA group was unclear.

Lack of transparency and debt

At the end of September 2017, the Swiss Takeover Commission asked HNA to explain some contradictions. The agency noticed that the ownership structure reported by HNA had changed unusually quickly. Since summer 2017, banking supervisors of the European Central Bank (ECB) have been checking whether they should not screen HNA using a so-called owner control procedure. Rumor has it that Communist Party cadres hold undisclosed shares in HNA.

At the end of 2017, S&P Global complained that HNA operated “aggressive financing methods”, was drying up its liquidity and could no longer pay debts due. The total debt of the group should amount to 75 to 100 billion US dollars. In November 2017, the group was in negotiations with its banks about the extension of due loans. At the end of November 2017, the rating agency Standard & Poor’s (S&P) downgraded its rating for HNA from B + to B. In February 2018, S&P lowered its rating to CCC +.

The HNA Group filed for bankruptcy on January 29, 2021.

Web links

See also

Individual evidence

  1. ↑ Chen becomes the sole head of the HNA board of directors at spiegel.de. Retrieved July 6, 2018
  2. ^ Company Profile
  3. ^ HNA Group Profile. In: beta.fortune.com . Retrieved April 26, 2017 (English)
  4. ↑ HNA's Chen Feng Flies Close to the Sun . bloomberg.net. Accessed on April 26, 2017 (English)
  5. ↑ Group Profile. ( Memento of July 2, 2016 in the Internet Archive ) In: hnagroup.com . Retrieved April 26, 2017 (English)
  6. ↑ a b Chinese conglomerate HNA Group announces bankruptcy, restructuring. In: globaltimes.cn. January 29, 2021, accessed January 29, 2021 .
  7. ↑ HNA Group. The mysterious job of Mr. Rösler. In: sueddeutsche.de , November 8, 2017
  8. ^ Former Vice Chancellor: Philipp Rösler on a Chinese mission. In: FAZ.net , November 8, 2017
  9. ↑ This article (fuw.ch August 15, 2017) names the figure of USD 42.5 billion since 2008, other reports give higher figures.
  10. ↑ Der Spiegel : Anger for the major shareholder from 27/2017 of July 1, 2017, p. 70
  11. ↑ HNA founder in France had a fatal accident. In: Deutsche Welle . July 4, 2018, accessed July 5, 2018 .
  12. ↑ HNA Tourism. ( Memento of the original from October 5, 2017 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. In: hnagroup.com , accessed September 7, 2017 @1@ 2Template: Webachiv / IABot / www.hnagroup.com
  13. ↑ Hong Kong Express Airways confirms participation by HNA Group.  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. In: hongkongexpress.com , accessed March 8, 2011@1@ 2Template: Dead Link / www.hongkongexpress.com  
  14. ↑ https://www.cathaypacific.com/dam/cx/about-us/investor-relations/announcements/en/201907_cx_announcement_hke_completion_en.pdf
  15. ↑ Bloomberg News: China's HNA Group Buys 48% Stake in French Airline Aigle Azur. In: bloomberg.com . Retrieved April 29, 2014
  16. ↑ HNA Group acquires gategroup. ( Memento of April 27, 2017 in the Internet Archive ) In: gategroup.com . Retrieved April 26, 2017 (English)
  17. ↑ China's HNA Group acquires Swissport for $ 2.8bn. In: Ch-aviation .com , accessed on August 3, 2015 (English)
  18. ↑ HNA Group acquires gategroup ( Memento from April 27, 2017 in the Internet Archive )
  19. ↑ http://www.hnahotel.com/en/infor/hna.htm ( Memento from June 30, 2008 in the Internet Archive )
  20. ↑ www.rlp.de
  21. ↑ The Chinese buy Frankfurt-Hahn Airport. In: faz.net , accessed June 5, 2016
  22. ↑ FAZ.net December 30, 2016: China's HNA displaces Lufthansa as the leading on-board catering company
  23. ↑ http://www.bloomberg.com/news/articles/2016-02-17/ingram-micro-to-be-acquired-by-tianjin-tianhai-for-6-billion Bloomberg Business: Ingram Micro to Be Bought by Tianjin Tianhai for $ 6 Billion
  24. ↑ HNA Aviation takes over majority in SR Technics. In: Tages-Anzeiger , accessed on July 22, 2016
  25. ↑ Shareholder structure. Deutsche Bank AG, March 1, 2017, accessed March 17, 2017 .
  26. ↑ These Chinese are now major shareholders of Deutsche Bank. In: Frankfurter Allgemeine Zeitung. February 17, 2017. Retrieved March 17, 2017 .
  27. ↑ Chinese HNA becomes the largest shareholder in Deutsche Bank. In: manager-magazin.de
  28. ↑ Chinese HNA reduces stake in Deutsche Bank. In: www.nzz.ch. February 16, 2018, accessed February 17, 2018 .
  29. ^ Deutsche Bank: Shareholder Structure. Accessed February 17, 2018
  30. ↑ Daniel Imwinkelried: Chinese HNA continues the battle of withdrawal and sells Deutsche Bank shares. In: www.nzz.ch. February 18, 2019, accessed February 18, 2019 .
  31. ↑ Patrick Zoll: New Zealand shows HNA the door. In: www.nzz.ch. December 22, 2017. Retrieved February 17, 2018 .
  32. ↑ sueddeutsche.de November 26, 2017: Who owns the insatiable HNA group?
  33. ↑ sueddeutsche.de December 5, 2017: German financial supervisory authority examines Chinese HNA group
  34. ↑ Deutsche Bank shareholder HNA has money problems. In: www.handelsblatt.com, December 7, 2017.
  35. ↑ The Chinese apparently want more time for loan repayments. In: www.handelsblatt.com, November 20, 2017.
  36. ^ Blake Schmidt: HNA Credit Assessment Cut by S&P as Borrowing Costs Increase. In: www.bloomberg.com. November 29, 2017. Retrieved February 17, 2018 .
  37. ↑ Debt-Laden HNA's Credit Assessment Cut by S&P. In: www.bloomberg.com. February 14, 2018, accessed February 20, 2018 .