An airline born in 188bet sports betting

1985，In order to meet the needs of the development of the civil aviation industry，Cultivation of independent management capabilities of aviation enterprises，The State Council begins to reform the civil aviation system，The situation in which China’s civil aviation industry was dominated by the Civil Aviation Administration of China was broken，Local 188bet sports betting have been established in various places。

1988，Hainan establishes special economic zone，The passenger flow of Dayingshan Airport increased rapidly at that time。1989，Hainan Airlines invested 10 million yuan by the Hainan Provincial Government。Chen Feng, one of the founders of 188bet sports betting, revealed in an exclusive interview with Sohu in 2017，Hainan Airlines did not have the funds to buy aircraft in the early days of its establishment，It is a military aircraft rented for passenger use。

Joint-stock era

1991，When joint-stock enterprise reform pilot projects quietly emerged in the country，188bet sports betting submitted an application to the Hainan Provincial Government for joint-stock reform。

September 8, 1992，Hainan Provincial Joint Stock System Pilot Leading Group allows 188bet sports betting to carry out standardized joint stock system transformation through targeted fundraising。Approved by the Hainan Provincial Government in July 1992，To Hainan Airlines Co., Ltd., which was reorganized into the country's first joint-stock aviation enterprise based on a standardized joint-stock enterprise，Only 10 months。After，Hainan Airlines conducted share subscription by 17 promoters，Including raising shares from social legal persons and internal employees，Raised 2 in three months.500 million yuan equity。

January 8, 1993，Hainan Airlines is registered with the Hainan Provincial Administration for Industry and Commerce，Registered capital is 250.1 million yuan，The total share capital is 250.1 million shares，Become the first joint-stock aviation company in the country。The first two Boeing 737-300s operated by the company，Approximately US million was financed by Hainan Bank of Communications to 188bet sports betting，BoCom takes a fancy to the capabilities of civil aviation，No mortgage guarantee。May，Hainan Airlines officially launched operations，First flight to Beijing。End of the year，Hainan Airlines has opened 15 routes to major large and medium-sized cities across the country，Main sales revenue 1.17.3 billion yuan，Total profit 68.76 million yuan，Set a historical record for profits made by Chinese civil aviation enterprises in the same year of operation。

September 1995，188bet sports betting issued 1 to Soros Quantum Fund.000.4 billion foreign shares，Raised equity capital of US million。

June 1997，188bet sports betting’s 71 million B shares were listed on the Shanghai Stock Exchange，Same year，Officially changed its name to Hainan Airlines Co., Ltd.。

The rise of 188bet sports betting

April 16, 1998，Hainan 188bet sports betting Holdings Co., Ltd. was registered and established in Hainan Provincial Administration for Industry and Commerce。

November 1999，188bet sports betting 1.6.4 billion A shares issued on Shanghai Stock Exchange，188bet sports betting has since embarked on a path of rapid expansion。

In January 2000, the company name was changed to "Hainan HNA Holdings (Group) Co., Ltd."，The name was changed to "HNA Holding (Group) Co., Ltd." in June of that year，The name was later changed to "188bet sports betting Co., Ltd." in January 2001。The business scope involves air transportation and airport investment and management；Investment and management of hotels and golf courses；Information Technology Services；Import and export trade of aircraft and aviation materials；Energy、Transportation、New technology、Investment and development of new materials and equity operations as well as domestic labor and business service intermediary agency。

August 2000 is an important time for 188bet sports betting，In just one month，Hainan Airlines, which raised a large amount of funds through its listing, obtained the operating rights of Meilan Airport during its reorganization，Investment 7.RMB 8.4 billion controlling Haikou Meilan International Airport，Become the first airline in China to own an airport。At the same time，188bet sports betting Hotel Group was established，188bet sports betting Holding (Group) Co., Ltd. and Changan Airlines cooperate to establish Changan Airlines Co., Ltd.，launched a nationwide strategy。

November 18, 2002，Meilan Airport is listed on the H-share market in Hong Kong，Financing scale is about US0 188bet sports betting。

Shift and move

1998，188bet sports betting applied for a 6.5 billion credit line from Bank of China。

January 2000，Bank of China and HNA signed the "Bank-Enterprise Cooperation Agreement"，According to agreement，Bank of China provides HNA with an intended financing line of RMB 8 billion。Then the Agricultural Bank of China loaned RMB 1.1 billion to HNA to support HNA’s purchase of aircraft。September of the same year，Industrial and Commercial Bank of China issued a notice granting the highest comprehensive credit to HNA。In the same month, China Construction Bank and HNA signed the "Strategic Cooperation Agreement between China Construction Bank and 188bet sports betting"，Provide HNA including RMB、Foreign currency loan、Fund clearing and settlement、Deposit、A wide range of high-quality financial services such as electronic and online banking and management consulting。

October 30, 2001，The signing ceremony for financing aircraft purchase between Hainan Airlines and JP Morgan Chase Bank was officially held in New York, USA。The total amount is 2.0 million in financing since 9·11 in the United States，The largest financing raised by a Chinese company overseas。Hainan Airlines used this financing to purchase 5 Boeing 737-800 passenger aircraft。Also，188bet sports betting also received long-term low-interest loans from the Export-Import Bank of the United States。

2002，Hainan Airlines once again obtained 40 from the Industrial and Commercial Bank of China.6.6 billion loan。Same period，Foreign financing is also pouring in，1998 188bet sports betting and Bank of China New York Branch、Chase Bank Cooperation，Successfully released in the United States 3.US0 million in corporate bonds to purchase B737-800/400 aircraft。The borrowing period is 13 years，Interest rate is only 3%-4%。

By the end of 2002，188bet sports betting financial report shows assets 194.0.1 billion，Three times the 6.6 billion reported in the annual financial report of listing in 1999。And the net profit in these four years is 6.4.2 billion。

The road to mergers, acquisitions and reorganization

August 2000，Hainan Airlines Co., Ltd.、188bet sports betting Holding (Group) Co., Ltd. and Changan Airlines cooperate to establish Changan Airlines Co., Ltd.。

February 2001，188bet sports betting、Shenhua Group reorganizes China Xinhua Airlines；July 188bet sports betting、Chang'an Airlines Co., Ltd.、Shanxi Airlines cooperates to form Shanxi Airlines Co., Ltd.。

May 2003，188bet sports betting and Xi’an Minsheng Group carry out equity reorganization；2003 SARS outbreak，Hainan Airlines (renamed "HNA Holdings" in June 2017) announced losses in its 2003 annual report14.7.4 billion yuan。Hainan Province invested 1.5 billion，Inject capital into HNA。

2004，188bet sports betting Airport Management Company changed its name to 188bet sports betting Airport Group，And reorganized Phoenix Airport that year。

Diversification strategy

2008，188bet sports betting Real Estate was established。Taking advantage of the opportunity of renovation of the old Dayingshan Airport in Haikou，A large number of plots have been reserved in Dayingshan CBD in the city center，The total area is about 3000 acres，And in Sanya、Xinglong、Baoting、Lingshui and other places have reserved approximately 5.29 million square meters of high-quality land resources，Once became the largest real estate company in Hainan Province，And in Beijing、Shanghai、Guangzhou、Shenzhen、We have projects in more than 20 cities including Wuhan。

November 2012，188bet sports betting Tourism Cruise Yacht Management Co., Ltd. was officially established，Become the first company in mainland China to own a luxury cruise ship。

October 2014，Beijing Youlian Ear, Nose and Throat Hospital completed。

November 2015，188bet sports betting Tourism Group strategic investment in Tuniu Travel Network，24 who hold Tuniu.1% of shares，Become its largest shareholder

December 2016，188bet sports betting established HNA Technology Group Co., Ltd.。

Highlight moment

2009-2016 was 188bet sports betting’s most glorious eight years，It is also the most profitable eight years。

2011，188bet sports betting was awarded the seventh SKYTRAX five-star airline in the world，Keeping this honor continuously since then。

As of the end of 2016, HNA’s total charity investment exceeded 10 billion yuan，Won the "China Charity Award" 4 times；Won dozens of social responsibility awards including the "South-South Award-Corporate Social Responsibility Award"，188bet sports betting donated approximately 22% of its equity to Hainan Cihang Charity Foundation，Making the association the single largest shareholder of 188bet sports betting。Provide more than 410,000 jobs for the society，1993-2018，In the past 25 years, the country has paid more than 60 billion yuan in taxes ，Among them, it created more than 20 billion yuan in tax revenue for Hainan Province。Service quality of the main aviation sector，Also received unanimous praise at home and abroad。

Also，188bet sports betting also owns Deer Jet, the industry’s leading business jet operator，Operates and manages more than 80 business jets；Bohai Leasing is 188bet sports betting’s core layout in the aircraft leasing business，Respectively in 2015、Acquired the aircraft leasing business of Irish aircraft leasing company Avolon and the American CIT Group in 2016，Developed into the world’s third largest aircraft leasing company，Owned by our company、Managed and ordered fleet size exceeds 1,000 aircraft，Breaking the long-term monopoly of the international aircraft leasing market by Western corporate giants。

Swissport, the aviation ground service company acquired by 188bet sports betting，It is an excellent brand that is rare in the global industry，Operates in 315 airports in 50 countries on five continents，Representing more than 850 clients globally 2 annually.6.5 billion passengers and 4.7 million tons of cargo services。Subsidiary SRT (Swiss Aviation Technology)，It is a set of fuselage、Engine、An independent third-party comprehensive maintenance that integrates aviation material services and aviation technical training、Maintenance and operation service provider，Serving more than 1,000 aircraft。

As one of the largest hematopoietic machines of 188bet sports betting, the real estate sector is developing slowly。According to the article on the WeChat official account of the free shipping area，2014，HNA Real Estate’s sales reached 17.5 billion，At the end of 2016，Down to 10 billion。

Use "buy, buy, buy" to achieve overseas expansion

2010，188bet sports betting successfully acquired Australia’s ALLCO aviation leasing business。November of the same year，Acquisition of equity in my TECHINIC maintenance company in Türkiye；Acquisition of several hotels in Sydney，Total transaction volume reaches US.1 million。From now on，188bet sports betting’s overseas mergers and acquisitions through “buy, buy, buy”，Achieved rapid development of overseas business。

January 2011，Acquisition of Hong Kong Kangtai shares；July，Invest in Turkish ACT Cargo 188bet sports betting；December，Acquisition of SEACO, one of the world's top five container leasing companies。

September 2012，Acquisition of AWA 188bet sports betting Ghana；October，Acquisition of 48% stake in France's Blue Eagle Airline。

April 2013，Acquisition of 20% stake in NH Hotel 188bet sports betting, the third largest chain 188bet sports betting in Europe；May，Acquisition of 80% equity of Arena Aviation School in Australia。

November 2014，Increased stake in NH Hotel 188bet sports betting to 29.5%，Become the largest shareholder。

January 2015，Bohai Leasing acquires Cronos；June，Acquisition of 15% shares of Red Lion Hotel；July，Acquisition of 100% equity of Swissport, the world's largest aviation ground and cargo service provider；October，Acquisition of Blue 188bet sports betting 23.7% shares。

January 2016，Bohai Leasing acquires aircraft leasing company Avolon Holdings Ltd. 100% equity；April，Acquisition of 100% equity of Carlson Hotel 188bet sports betting；July，Acquisition of Gategroup, the world’s number one airline catering company；October，US.5 billion to buy Blackstone’s 25% stake in Hilton，Become the single largest shareholder of Hilton；December，Acquisition of Lngram Micro, the world's largest IT product distribution and supply chain service provider。

According to PwC statistics，Among the top ten overseas M&A transactions in 2016，Hainan Airlines Department occupies 3 seats，188bet sports betting’s cumulative overseas investment reaches US billion。

April 2017，USD 10 billion acquisition of CIT 188bet sports betting’s aviation leasing business；May，Increased Deutsche Bank shares to 9.92%。

Behind the Glory

July 2015，188bet sports betting appears on the Fortune Global 500 list for the first time。

July 2016，188bet sports betting ranked 353rd among Fortune Global 500 companies in 2016，In 2017, 188bet sports betting’s total assets were 1.5 trillion, ranking 170th on the Fortune Global 500 list 。Hainan Airlines has become a diversified giant with an astonishing size，Not only does it own the fourth largest airline in China，Business across hotels、Travel、Logistics、Retail、Real Estate、Finance and other fields。According to Kung Fu Finance report，HNA has 410,000 employees worldwide (approximately 300,000 of whom are located outside China，About 50% of income comes from overseas)，34 listed companies，Total assets exceed 1.2 trillion yuan；Revenue in 2016 reached 600 billion yuan。188bet sports betting official website display，188bet sports betting is a multinational enterprise group，It has 14 holding airline companies，188bet sports betting’s overseas investments in 6 continents，Total overseas assets exceed 330 billion yuan，Owns 45 overseas companies，Nearly 290,000 employees。

At the same time，Along with 188bet sports betting’s assets, debts are rapidly expanding，According to statistics from Changjiang Business Daily，The liabilities of its 17 listed companies are as high as more than 600 billion yuan，The debt ratios of 8 of the 10 A-share companies increased significantly。In those crazy days of “shopping for goods”，188bet sports betting’s total assets have been soaring，In just three years, it is equivalent to building three new Hainan Airlines。

2019 data is replaced by the third quarter。Data source: Wind database Drawing/Li Xinyao

June 2017，Tan Xiangdong, Vice Chairman and CEO of 188bet sports betting, said in an interview with the BBC，Although the Chinese government has very strict control over capital outflows in recent years，However, HNA’s investment activities still receive government support，One of the important reasons is that HNA has invested funds in countries along the “Belt and Road”。

"Sell, sell, sell"

End of 2017，The overall debt scale of 188bet sports betting’s public data is about 250 billion yuan。But according to statistics from China Real Estate News，The total liabilities of 188bet sports betting’s listed company system are nearly 600 billion，You have to pay 15.6 billion every year in interest alone。

According to The Paper，188bet sports betting Industrial has been serving Beijing since the end of 2017、Shanghai、Suzhou、Jiaxing、Real estate projects in six cities including Haikou are seeking buyers。

Mid-January 2018，Hainan Airlines admits HNA’s liquidity problem。Mid-November，Chen Feng, Chairman of 188bet sports betting, revealed in an exclusive interview with Caijing，Since 2018, HNA has disposed of nearly 300 billion yuan of non-main business assets。In principle, divestment of non-core businesses、Exit of non-health industry，Focus on the main air transport business in the future，Determined not to do anything that is not the main business。2018 is the year of sale for HNA，188bet sports betting has sold 26 assets (including the exact information of the sale)，The total transaction price is close to 60 billion yuan。Most of the assets sold are real estate and most of them are overseas，Total 452.8.6 billion yuan，Accounted for 89% of fire sale assets in 2018.15%。HNA Holdings released financial data for June on July 14, 2018，Then after the resumption of trading on July 20, 2018, the cumulative decline in the closing price for two consecutive trading days exceeded 20%。

November 20, 2018，188bet sports betting Real Estate announces name change，The original 188bet sports betting Real Estate Group Co., Ltd. was changed to Hainan Island Linkong Industrial Group Co., Ltd.，The official WeChat account name of 188bet sports betting Real Estate was also changed to “Hainan Airlines”。

The road to self-rescue is long

2019 is the first year after the return of 188bet sports betting Chairman Chen Feng，As soon as he came back, he made great efforts to complete the asset sales of nearly 300 billion yuan，Cleaned more than 300 companies，The disposal objects are mainly domestic and foreign financial institutions、Real estate and other non-aviation assets and businesses。

November 29, 2018，Hainan Airlines aims to further promote the healthy development of the company’s main business，Promote the company to become stronger、Applying for a loan totaling RMB 7.5 billion from a syndicate with China Development Bank as the lead bank on the grounds of "doing fine"。December 13，The Shanghai Stock Exchange issued a letter of inquiry to 188bet sports betting Holdings regarding related transactions related to asset purchases and sales。

June 11, 2019，Apply for a loan from China Development Bank 51.17.4 billion yuan。This application，The first half of the sentence of 188bet sports betting in "further promoting the healthy development of its main business"，Write "To continue the company's existing mature loans"。December 13，The reason why 188bet sports betting Holdings applied for another RMB 4 billion loan from the Hainan Branch of China Development Bank，It is "to promote the stability of the company's capital flow"。January 22，188bet sports betting Holdings’ 2019 annual performance forecast is expected to turn losses into profits in 2019，Create net profits 45 for shareholders of listed companies,0 million to 67,5 million yuan。

Not "taken over"

Before the 2019 annual report is officially released，The afternoon of February 29, 2020，188bet sports betting officially announced: The Hainan Provincial People’s Government took the lead in establishing the “Hainan Provincial 188bet sports betting Joint Working Group”，Will fully assist、Fully promote 188bet sports betting’s risk management work。

188bet sports betting said，Since the outbreak of liquidity risk in late 2017，188bet sports betting actively carries out “self-rescue”，But the risk could not be completely resolved。Affected by the superimposed impact of the "New Coronavirus Pneumonia" epidemic in early 2020，Liquidity risks tend to intensify。

Chen Feng in his New Year's message，Calling 2020 the decisive year for HNA to resolve liquidity risks。“Implement the overall plan to resolve liquidity risks，Not only HNA’s main responsibility，It is also a political responsibility。In this battle for nearly two years、In the protracted fight，In short supply，Late payment of wages、In case of delayed onset，Hainan Airlines has been awarded the title of SKYTRAX ‘Five-Star Airline’ for the 9th consecutive year，And rose to 7th place in the TOP10 global airline rankings，A world-class aviation brand that has protected the Chinese nation。" HNA stated in the announcement，188bet sports betting’s functional positioning of the joint working group is to fully assist、Fully promote 188bet sports betting’s risk management work。

As the most influential and competitive local enterprise in Hainan，The Hainan Provincial Government will also try its best to help HNA survive the crisis。According to China Business News，Past year，Except HNA Holdings，Almost all Hainan Airlines，They are all negotiating with the local government for capital increase or restructuring，Including Urumqi Airlines、Capital Airlines、Beibu Gulf Airlines、Western Airlines has successively signed restructuring framework agreements with local governments。But so far，No one has officially delivered yet，This means，These airlines still belong to 188bet sports betting。

According to two authoritative insiders told China Business News，The working group is stationed to implement rescue management of 188bet sports betting，The result may include the group itself、creditor、Investor，As well as local governments and other parties to benefit。

*Source of this article: Interface 188bet sports betting,Author: Xiaoshuang, original title：《27 years of ups and downs: 188bet sports betting’s courage and glory, loss and choice》。