The latest HNA Group corporate bond report obtained by China Business News reporter，Disclosed HNA Group’s performance and debt situation in the first half of the year。

First half of 2019，HNA Group lost 35%.200 million yuan (profit in the first half of last year 41.700 million yuan)，Although asset disposal has been ongoing，However, the asset-liability ratio in the first half of the year rose instead of falling，There are still more than 700 billion debts to be repaid。

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Over the past year，Resolving liquidity crisis，Focus on the main aviation business，Accelerate the sale of assets，These are the main things that HNA Group is doing，This is also a prerequisite for obtaining more support from the government (banks)。

June 12, 2018，At a special meeting hosted by the central bank，Define HNA’s liquidity crisis: HNA’s problem is liquidity problem，Give enterprises opportunities，Enterprises must try their best to save themselves，And accept strict supervision，At the same time, we must 188bet app focus on the main business of air transportation，Achieve healthy development。

Subsequently，The creditor coordination mechanism working group composed of China Development Bank and others was established，It took two months to complete the due diligence investigation on HNA，And directly participated in HNA’s reorganization of asset disposal progress，And a rescue package。

That’s when it started，HNA’s asset disposal efforts continue to increase，About 300 billion assets were disposed of last year，Cleaned more than 300 companies，The tip of the knife is mainly for finance、Real estate and other non-aviation assets and businesses。

For example, the financial sector gave up the acquisition of Huaan Insurance and Bohai Trust、Transfer Shin Kong HNA Life Insurance、Sold Wanjiang Financial Holdings、Sell Lianxun Securities，Real estate sold three plots of land in Kai Tak, Hong Kong at high prices、Shanghai Land、Hainan Real Estate、Shenzhen HNA City、Beijing Hainan Airlines Building and many other projects。

Entering 2019，Asset disposal continues，The half-year financial report is also displayed，Due to the sale of some subsidiaries and businesses，As a result, the revenue and costs of almost all business segments of HNA Group have declined significantly。

HNA Group also attributed the loss in the first half of the year to “losses from the disposal of assets”，Meaning that many assets were sold at a "loss"。

Now on the official website of HNA Group，The original seven industrial groups have been reduced to two: HNA Aviation and HNA 188bet app download Logistics，The aviation sector mainly includes passenger cargo and general aviation，The logistics sector includes business logistics，Infrastructure investment and airport management。In addition，There are also aviation leasing and technology as the "two auxiliary" business divisions。

Debt ratio rises instead of falling

The financial report for the first half of the year also shows，HNA Group’s total assets fell by 8%，Shrink of nearly 90 billion yuan，However, the total debt is still as high as 7067.2.6 billion yuan，Although it decreased by 6% compared with the same period last year，But the asset-liability ratio did not fall but rose instead，Still an increase of 2% from the same period last year to 72.07%。

Judging from the half-year financial report，HNA Group still faces considerable pressure to repay principal and interest: as of the end of the first half，The company holds 405 cash.9.5 billion (108.2 billion in the same period last year)，However, it needs to deal with more than 550 billion borrowings (total borrowings at the end of the reporting period 5548.2.3 billion yuan，Total borrowings at the end of the previous year 5703.2.5 billion yuan) ，Among them, short-term loans reached 950.7.1 billion yuan (non-current liabilities due within one year 780.5.8 billion yuan，5% increase year-on-year)，In addition there are 2156.0.1 billion long-term loan，and 1229.2.1 billion bonds payable。

To this，Many analysts believe，In addition to continuing to accelerate asset disposal in the future，How to improve the “blood-forming ability” of your own business，This is also what HNA Group needs to focus on in the future。

It’s worth noting，As HNA Group’s main “hematopoietic machine”，The net profit of HNA Holdings (600021), a listed 188bet sports betting app download company in the main aviation industry, in the first half of the year was 5.0.3 billion yuan，Although it reversed last year’s loss of 3.6 billion，However, the contribution of route subsidies from local governments in the first half of the year was not small (the route subsidies received in the first half of the year were 10.3.8 billion yuan)。

In fact，Even in the heyday when HNA Group’s assets were the largest，The aviation business has always been the group’s main “hematopoietic machine”。For example, the first half of 2017，HNA Holdings (600221)’s net profit is 11.4.7 billion yuan，The net profit of the entire HNA Group is only 8.1.2 billion yuan。

Before this，The main business of aviation is also an important “blood transfusion machine” of HNA Group， When disclosing the 2018 annual report，HNA Holdings once disclosed a special report on the capital occupation by controlling shareholders and other related parties，It is said that HNA Group and its related parties took HNA Holdings as the main body in 2018，Applied for three bank loans，Used to pay off its domestic and overseas open market bonds，Total amount reaches 65.700 million yuan，Outstanding as of December 31, 2018。

But according to the reporter’s understanding，Recently, HNA Group has followed the spirit of “superiors”，Developed a framework plan for closed operations of its airlines，Request not to misappropriate funds of closed operating enterprises，To focus on the isolation risks of the main business，Accelerate the restoration of hematopoietic capacity of closed operating enterprises。

Currently 188bet app download except "five-star" Hainan Airlines，12 domestic airlines under HNA，They are all copying West Air’s low-cost model，Introducing differentiated products and services，HNA Group has also established a working group to increase revenue and reduce expenditure，Shouting out the "tighten life" that central aviation enterprises are also shouting。

Not long ago，Cathay Pacific announces completion of acquisition of Hong Kong Express，This is also the first airline under Hainan Airlines to officially change ownership，The company’s airlines have been seeking capital injections or even controlling stakes from the local government，No formal delivery yet，Including Capital Airlines, which has been disclosed to be absolutely controlled by Beijing Tourism Group，As well as Urumqi Airlines and Beibu Gulf Airlines, which have signed a capital increase and share expansion framework agreement with the Urumqi Municipal Government and the Guangxi Government。

*Source of this article: China Business News，Author: Chen Shanshan，Original title: "Exclusive，When will the 700 billion liquidity crisis be resolved》.