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Up, up and away for Hainan Airlines

By Tuo Yannan and Tang Shuyue in Zurich, Switzerland | China Daily Europe | Updated: 2015-08-16 11:50

Parent company to increase investment and acquisition efforts in Europe

HNA Group, parent of Hainan Airlines, one of the largest Chinese airline companies, will increase investment in European mergers and acquisitions, group Chairman Chen Feng tells China Daily during an interview.

Since its establishment in 1993, HNA has developed fast as an aviation services provider. However, during the last few years, its business has expanded from the aviation market to include tourism, real estate, logistics and finance.

Up, up and away for Hainan Airlines

A Hainan Airlines flight prepares to land at Toronto Pearson International Airport in Canada. Zou Zheng / Xinhua

Up to 2014, the group owned 27 subsidiary holding companies in 11 countries worldwide, and employed more than 7,000 overseas. It has made 25 overseas acquisitions, which were estimated to have cost nearly $4.3 billion. It has total assets in foreign companies of about $16 billion, accounting for 12.4 percent of the total assets of the group.

"During the economic crisis, it was the best opportunity for Chinese companies to acquire European enterprises. We have not finished our M&As - we are just about to start in Europe," says Chen.

This year the company is expected to be listed in the Fortune Global 500 for the first time, ranking No 464 with annual revenues of $25.6 billion and a total asset base of $128 billion.

"We will not cease our efforts in the international market," Chen adds, saying that the global M&A activities of HNA around Europe and the United States are developing very fast.

"It's the need of the era, the need of the Chinese market in Europe. Those projects are a new allocation of global resources. It will be very conducive to the world to get out of the trough of financial crisis, and to develop the world's economy," he says.

On July 30, the company and PAI Partners SAS, a major European private equity company, signed an agreement for the acquisition of 100 percent of the equity interest in Swissport Group, the world's largest ground services and cargo handling services provider in Zurich, paying $2.8 billion.

The acquisition is expected to enable HNA to optimize its existing aviation, airport, logistics and tourism services, according to the Chinese company. This deal is believed to be the largest overseas acquisition by a company this year.

In the last few years, HNA's acquisitions spread all over the European market.

In October 2012, HNA acquired a 48 percent stake in Aigle Azur Airline, France's second largest airline company. After the acquisition, HNA became the second largest shareholder of the French company.

Meanwhile, HNA is developing its oceanic logistics, through the acquisition of two leading global container leasing companies, GE Seaco and Cronos. HNA also acquired Europe's largest trailer leasing company, TIP.

Chen said his company's strategy is to not be limited to one area. It will develop its business aviation industry while extending into new industries and markets.

He says he hopes that all Chinese companies can seize the current opportunities to develop and grow globally.

Contact the writers through tuoyannan@chinadaily.com.cn

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