Covid-19 and the HNA Group restructuring resulted in Hainan Airlines posting a monstrous 64 billion yuan (US$9.9bn) loss for 2020. It also reported a first-quarter 2021 loss of 2.6 billion yuan. Hainan Airlines Holding was a cornerstone of the Chen Feng business empire which drove cash and deposits for overseas investments, alas no longer. HNA’s business restructuring hit the airline harder than COVID-19 in truth, as provisions estimated at 30 billion yuan were made for deposits placed with its parent company, account receivables with affiliated parties and financial guarantees, according to its annual report. It also incurred investment losses totalling

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