Hainan Airways to receive additional funds of 1.6 bn from Fagda Group

Hainan Airways is about to receive funds of $1.6 bn from Fagda Group Industrial to help the airline in financial recovery. The securities regulator in China has approved of the private placement plan of Hainan Airlines. Fangda Group Industrial is a Chinese conglomerate that purchased a controlling stake in Hainan Airlines Group (HNA) in 2021. Hainan Airlines will issue nearly 10 billion shares to Hainan province-based Hanwei Investment, to supplement liquidity while strengthening its main business. HNA Group transferred control of its flight operators, including HNA Airlines Group and Hainan Airlines, to Fangda in December, 2021. Back then Fagda invested