Hainan Airlines increases stake in Tianjin Airlines to over 87%

Hainan Airlines, the subsidiary of HNA Group, has announced it has completed the acquisition of a further 48.2% stake in Tianjin Airlines. With Tianjin Airlines also being a subsidiary of HNA Group, this has enabled Hainan Airlines to list all its subsidiaries as a whole entity.
According to figures released by the Shanghai Stock Exchange, the Haikou-based carrier paid 5.55 billion yuan (US$0.81 billion) for this most recent stake, making it the majority shareholder with 87.28% of the company. The remaining 12.72% is held by two Tianjin-based investment companies, Tianjin Chuangxin Investment Partner Co., and Tianjin Bonded Area Investment Co. The deal has increased the registered capital of Tianjin Airlines to 8.19 billion yuan (US$1.19 billion).
Between 2013 and 2014 Hainan Airlines had acquired a 39.1% stake in Tianjin Airlines in order to improve it competitiveness. In 2016, Hainan amassed over 16.5 billion yuan (US$2.4) billion) by circulating non-public A shares on the Shanghai Stock Exchange, of which 5.55 billion yuan US$0.81 billion) was used to acquire the 48.2% stake.
Tianjin Airlines was launched in 2009 as a joint venture between HNA Group and the Tianjin municipal government. The carrier flies more than 90 aircraft on over 200 domestic and 30 international routes, covering 120 destinations. As of December 2016, Tianjin Airlines had carried more than 60 million passengers and accumulated 1.3 million flying hours..