Hainan Airlines shares fell almost by the daily limit in trading today in Shanghai after the airline warned of a loss of between 58 billion yuan (US$8.98bn) and 65 billion yuan just over US$10bn. The shares fell 9.8% to 1.38 yuan at the close. Strangely the airline said it expected the losses were due primarily to the problems at HNA. There is only one logical conclusion to draw – The airline is writing down the value of its fleet and other associated assets and relinquishing some assets into the HNA process. Were the valuations really that inflated? It also has

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