Recently，An insider close to HNA disclosed to the Financial Associated Press reporter，HNA Group’s large amount of short-term liabilities will mature at the end of the year，HNA Holdings (600221.SH) provides loan guarantee for the group，actually "blood transfusion"。

Currently HNA Holdings’ external guarantee limit is in line，More than 40% are guarantees for HNA affiliated companies，This approach seems to run counter to HNA Group’s slogan of “returning to its main business”。

Questions about “blood transfusion”，Reporters from China Finance News sought verification from HNA Holdings through various channels，And send interview outline，But no reply as of press time。

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HNA Holdings is a listed company that carries HNA Group’s main aviation business，Has been called the “cash cow” of HNA Group in the industry。September 25，The company issued an announcement saying，will provide HNA Group with 16.800 million yuan loan guarantee。According to announcement content，The "Guarantee Agreement" signed by HNA Holdings mainly includes two parts: the maximum guarantee contract and the maximum pledge contract。Among them，The maximum amount of credit guaranteed by the maximum guarantee 188bet Online Sports Betting and Casino contract is 16.800 million yuan；The maximum amount of credit guaranteed by the maximum pledge contract is 6.01.2 billion yuan，The pledge target is 6 owned by HNA Holdings.01.2 billion yuan margin，The total maximum amount of claims guaranteed by the two contracts is 16.800 million yuan。

Data display，HNA Holdings and its holding subsidiaries currently provide total external guarantees of 316.6.6 billion yuan，46% of its latest audited net assets.06%，139 of which provide guarantees to related parties.5.5 billion yuan (including the amount of guarantee announced in this announcement)，No overdue guarantee。

Financial Associated Press reporter statistics found，Among all major airlines，The external guarantee amount of HNA Holdings is significantly higher than that of its peers。Among them，Air China (601111.SH) Only subsidiary Shenzhen Airlines provided guarantees to relevant banks for the company’s employees’ housing mortgage bank loans，The amount is approximately 1.46 million yuan；China Southern Airlines (600029.SH) The total external guarantee is 292.700 million yuan，The proportion of its net worth is 38.63%；China Eastern Airlines (600115.SH) The total external guarantee is 47.400 million yuan，The proportion of its net worth is 7.97%。

“Airlines have high cash flow requirements，So once there are too many guarantees、Something went wrong，It may affect the main business。" said Shen Meng, executive director of Chanson Capital。

The relevant person in charge of HNA Group once told reporters，The group has formulated a framework plan for closed operations of its airlines，Request not to misappropriate funds from closed operating enterprises，To focus on the isolation risks of 188bet sports betting app download the main business，Accelerate the restoration of hematopoietic capacity of closed operating enterprises。But industry insiders think，Judging from this guarantee，It is difficult to draw a clear line between the group and the listed company。

“Closed operations is not a standard term，Depends on its specific agreement。Guaranteed if nothing goes wrong，HNA Holdings will not be harmed；But something went wrong，HNA Holdings will be jointly and severally liable。" Shen Meng pointed out。

What worries the above-mentioned people close to HNA，Whether HNA Group’s liquidity crisis will drag down listed companies。Hainan Airlines Holdings previously disclosed a special report on the capital occupation by controlling shareholders and other related parties，HNA Group, a related party of HNA Holdings、HNA Industrial Group Co., Ltd. occupied 56 HNA Holdings funds respectively.7 billion yuan and 9.Overdue，Overdue。

Frequent related party transactions are a "blood transfusion" for the group

HNA Holdings guarantees the group this time，This is not the first “blood transfusion” this year。April this year，HNA Holdings has announced that it plans to use 15.600 million yuan acquisition of Xinhua Airlines12.No more than 33，No more than 33.400 million yuan to purchase HNA Technology 60.78% equity，and with 6.9.6 billion yuan to purchase 100% equity of Hainan Tianyu Flying Training，The total transaction volume is approximately 5.6 billion yuan，Constitute related transaction。

To this，Civil aviation commentator Qi Qi told a reporter from the Associated Press，On the one hand，HNA Holdings’ acquisition of related assets，Extended in business；On the other hand，The 188bet app download above measures will also play a role in injecting capital into HNA Group，Can further alleviate its financial pressure，Reduce the burden of blood transfusion。

In the opinion of industry insiders，Judging from the performance of HNA Holdings，Not enough to support its generous “blood transfusion” group。2018，HNA Holdings suffered its first loss since its listing，Loss up to 36.0.3 billion yuan。After massive cost savings work，First half of 2019，The company achieved a turnaround，Achieve operating income 350.3.5 billion yuan，6 year-on-year increase.36%；Net profit 5.0.3 billion yuan，Decreased by 8 compared with the same period last year.21%。

“Hainan Airlines as a five-star airline，Its high quality and efficient management are also among the best among domestic airlines，Should not be hollowed out by the group。”The above-mentioned insider close to HNA said。Qi Qi also thinks so，As long as HNA Group continues to return to its main business，Not “drawing blood” from HNA Holdings，Under security，Maintain service quality，After returning to its main business, HNA Group is still very competitive。

In addition，Industry insiders also pointed out，Since this year，HNA Group’s speed in disposing of assets has slowed down significantly，But the debt crisis has not yet been eliminated，Under huge debt pressure，It’s hard to stop “drawing blood” from listed companies。

According to media reports，First half of 2019，HNA Group lost 35%.200 million yuan，And the asset-liability ratio did not fall but increased year-on-year，There are still more than 700 billion yuan in debt to be repaid。Among them，Short-term borrowing 950.188bet app 7.1 billion yuan，Long-term borrowing 2156.0.1 billion yuan，and 1229.2.1 billion bonds payable。

According to the above-mentioned person close to HNA，This guarantee is directly related to the maturity of short-term loans。In addition，HNA Group has recently successively reduced its holdings in "HNA Group" Caesar Travel，Frequent cash-out operations，Also to raise funds for repayment，Can HNA Group raise funds at a speed that will cover the debt maturity time，Not sure。

Guosen Securities stated in a research report released in September，Since the outbreak of HNA Group’s liquidity crisis，“Hainan Airlines” listed companies generally face issues related to valuation pressure。12 domestic airlines under HNA Holdings，All are trying the low-cost airline model，Want to make stable profits through differentiated development。But in the repeated "blood draws" of HNA Group，The main aviation industry wants to reduce its burden and develop，Not easy。

*Source of this article: Cai LianShe, author: Li Danyu, original title: "HNA Group continues to "draw blood" for its listed companies, and it is difficult to return to the main business》.