Gao Jian, President of Operations and Human Resources Director of 188bet online casino games, responded to the Economic Observer on January 25，It is said that the listed companies controlled by the group's subsidiaries have recently been suspended from trading，Not related to the group’s liquidity issues；188bet online casino games’s financing costs are not high；188bet online casino games has not frequently sold assets，Even if there is a plan to sell some assets，It also depends on the development pace and needs of HNA’s business，Buying and selling are normal behaviors for enterprises to adjust their asset structure，Overseas investment floating profit has reached 28.7 billion。

The centralized trading suspension of listed 188bet online casino games “has nothing to do with liquidity”

What has attracted media attention recently，188bet online casino games A-share listed companies’ stock price decline and centralized suspension。Public data display，188bet online casino games currently owns 8 A-share listed companies and 3 Hong Kong-listed companies，They are: 188bet online casino games Basics (600515.SH)、Supply and marketing collection (000564.SZ)、188bet online casino games Investment (000616.SZ)、Bohai Financial Holdings (000415.SZ)、Tianhai Investment(600751.SH)、188bet online casino games Innovation(600555.SH)、Caesar Travel、188bet online casino games Holdings(600221.SH) and Hong Kong International Construction Investment (00687.HK)、188bet online casino games Technology Investment (02086.HK)、188bet online casino games Industrial Co., Ltd. (00521.HK)。

188bet online casino games denies that the centralized trading suspension is related to liquidity。188bet online casino games said，It has long attached great importance to the business development of its listed companies，Recent，The listed companies controlled by the group are based on strategic planning and business development needs，According to relevant laws and regulations，Applying to the exchange for trading suspension。During suspension period，Listed companies promptly disclose the progress of matters in accordance with regulatory rules，All information shall be subject to the announcements published by listed companies in various statutory media for information disclosure。 As of now，The production and operation conditions of all enterprises under 188bet online casino games are good，Maintaining good cooperative relations with major financial institutions at home and abroad。

According to a reporter from the Economic Observer，Hainan Airlines Basics、Caesar Travel、Tianhai Investment、188bet online casino games Holdings may be suspended from trading or involve major asset restructuring。Supply and Marketing Daji disclosed the progress of major asset restructuring on January 23rd，Preliminary disclosure that the subject assets of the reorganization are professional market assets and related assets controlled by Dragonair Holdings Group Co., Ltd.、Related assets controlled by Yuancheng Group Co., Ltd.、Controlling interest in Beijing Zhonglian Xiangfu Technology Co., Ltd.、Controlling interest in Beijing Kema Pioneer Internet Technology Co., Ltd.、Professional market assets controlled by Hebei Toweran Real Estate Development Co., Ltd.。The controlling shareholder 188bet online casino games Commercial Holdings Co., Ltd. is attracting investment through but not limited to、Method of capital increase or acquisition，Assist existing or some potential counterparties to solve problems related to the inclusion of their relevant assets into the scope of the reorganization target assets，The company will make specific disclosures based on relevant progress。This also dispels the market’s doubts about the centralized suspension of 188bet online casino games companies。

“Overseas investment floating profit reached 28.7 188bet online casino games”

For cash flow issues，188bet online casino games said it is not worried。Gao Jian said，The overall floating profit of HNA’s domestic and overseas investments，Reflecting HNA’s strong asset realization capabilities，Overall growth of corporate operating data，Reflects HNA’s operation and post-investment management capabilities，The cash flow these two can provide，These all gave the group the confidence。For example，As of January 24, 2018，HNA’s total floating profit from equity investments in overseas listed companies is as high as US.5 billion，equivalent to about 28.7 billion yuan。HNA acquires 25% equity of Hilton Group listed company，Less than 10 months，Realized floating profit exceeding US billion。Acquisition of Deutsche Bank 9.9% equity，Average floating profit ratio 9.22% 。HNA acquires Spanish NH Hotel Group 29.5% equity，Fuyingda 32.61%。

However，Reporters also noticed，188bet online casino games’s total profit in the first half of 2017 42.2.7 billion yuan，Air China’s net profit during the same period was 3.9 billion yuan，Its total assets are more than 200 billion yuan。To this，A person close to HNA told the Economic Observer reporter，Enterprise profit margin is related to the stage of the enterprise。188bet online casino games is expanding rapidly，Profits will not accumulate，Instead of injecting capital。For example，Amazon’s global presence，Because we have deployed a lot of our own assets，Profit rate is relatively low。

Also，Gao Jian also said，When 188bet online casino games acquires assets, it pays great attention to the cash flow and profit returns brought by the acquired assets。Buy assets for 1 yuan，The money earned from this asset must exceed 1 yuan，Thus ensuring the repayment of long-term and short-term debts。Also，The current ratio of long-term debt to short-term debt is controlled at 4:1，And the proportion of traditional credit is reduced，Promote Bond、Proportion of fund，Use the long bond financing period、Low cost、The advantage of simple issuance procedure。

“The 188bet online casino games cost is not high”

According to 188bet online casino games's "Corporate Bond Semi-Annual Report (2017)"，188bet online casino games’s total assets 1.2 trillion yuan，18 year-on-year increase.75%，Mainly new merged CIT、VisionDue to the expansion of companies such as Cayman。Same reason，188bet online casino games’s operating income quadrupled in the first half of last year，Growth value 265.1 billion yuan。Based on the data，188bet online casino games’s asset-liability ratio has not changed much，Maintained at around 60%。

Chen Feng, Chairman of the Board of Directors of 188bet online casino games, told Reuters on January 18，Tight liquidity is the general environment，But he is optimistic，Hainan Airlines can solve the problem，Will continue to receive support from banks and other financial institutions this year。Gao Jian also told the Economic Observer,Confident in the company’s future development。

In the above report，Also as of the first half of 2017，The net cash flow generated by 188bet online casino games’s operating activities is 31 billion yuan，Net cash flow generated from financing activities is 140.2 billion yuan，The net cash flow generated from investing activities is 177.8 billion yuan。This means，The cash flow generated by 188bet online casino games’s operations and financing is just enough to pay for HNA’s large-scale overseas mergers and acquisitions。

The most obvious change is，188bet online casino games’s bond issuance cycle has been shortened from every two or three years to issuing one bond every few months in 2016。Economic Observer reporter found out，Four tranches of HNA bonds issued in 2016 - 16 HNA 01、16 HNA 02、16haiji01、16 Haiji 02 interest rate at 6.Between 2%-7%，The term is three years，Bond balance 8.8 billion yuan，will expire in 2019。Previously，Hainan Airlines has also issued medium and long-term bonds with a maturity of more than 7 years，Cumulative bond balance 54.500 million yuan。HNA’s bonds before 2016 were used to purchase aircraft and the construction of Hainan’s landmark Haikou Tower，The bonds issued in 2016 were mostly used to supplement the company’s liquidity。

Recently, some media said that 188bet online casino games is willing to provide financing at high interest rates，Pay high interest for one-year financing。To this，Gao Jian responded，Currently the central bank is shrinking its balance sheet at the macro level，Further deleveraging is regulatory-oriented，The above macro reasons have led to an overall rise in the bond market interest rate center。For example, the domestic 10-year government bond has reached a record high，And this trend is difficult to reverse in the short term。In terms of different financing channels，At present, 188bet online casino games’s financing cost is not the highest。

Gao Jian quoted company data，188bet online casino games’s asset-liability ratio in mid-2017 59.5%，The asset-liability ratio has been declining for 7 consecutive years since 2007，Long-term liabilities among interest-bearing liabilities exceed 68%，Reasonable debt structure。Estimated to be by the end of this year，The net cash flow generated from operating activities will exceed 60 billion yuan。Ending June 2017，188bet online casino games’s current ratio is 1.45，Quick ratio is 1.12，Strong short-term debt repayment ability。

188bet online casino games’s largest source of funds should be banks。According to public information，As of the first half of 2017，The comprehensive credit line of various banking institutions to HNA is 745.2 billion yuan，The remaining quota is 290.7 billion yuan。

The latest data from HNA’s reply to reporters，Full year 2017，188bet online casino games has been approved for a total of more than 800 billion yuan in comprehensive bank credit，New credit scale exceeds 190 billion yuan compared with the beginning of the year，Unused credit line exceeds 300 billion yuan。

*188bet online casino gamesWen LaiSource: Economic Observer Network, Author: Zheng Yizhen, originalTitle:《188bet online casino games’s response: The centralized suspension of trading of listed companies has nothing to do with liquidity. Last year, more than 190 billion new bank credits were granted》.