Hainan Airlines acquires 48% stake in Tianjin Airlines

HNA Group subsidiary Hainan Airlines has completed the acquisition of a 48.2% stake in Tianjin Airlines, also an HNA subsidiary. The deal makes Hainan Airlines the controlling stakeholder in the Tianjin-based carrier with an 87.3% stake. Hainan purchased a 39.1% stake in Tianjin in 2013 and 2014 through a cash investment in an effort to increase Tianjin’s competitiveness. In September 2016, Hainan collected more than CNY16.5b ($2.4b) by circulating nonpublic A shares on the Shanghai Stock Exchange, of which CNY5.6b was used to pay for the 48.2% stake. Tianjin Airlines has two other shareholders: Tianjin Chuangxin Investment Partner Co., which has an 8.5% stake, and Tianjin Bonded Area Investment Co., which holds a 4.2% stake. Launched in June 2009, Tianjin Airlines is a joint venture set up by HNA Group and the Tianjin municipal government. The carrier operates more than 90 aircraft on more than 200 domestic and 30 international routes to over 100 destinations. In 2015, Tianjin transported more than 11m.<br/>