Hainan Airlines has revealed in a stock exchange filing that it will take a 48.21% stake in subsidiary Tianjin Airlines, and would circulate nonpublic 6.59 billion shares to collect CNY24 billion ($3.9 billion) to become a controlling stakeholder as well as fund a fleet expansion. HNA may follow this deal with stake purchases of all its airline subsidiaries: Lucky Air, Capital Airlines, Tianjin Airlines, West Air and Chang’an airlines. It has already become the controlling stakeholder of Lucky Air and Capital Airlines.

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