November 29，HNA Holdings issued an announcement saying，The company’s reorganization is based on HNA Holdings’ existing A 188bet online sports betting of approximately 164.3.7 billion 188bet online sports betting as the base，The capital reserve fund will be converted into an increase by 10 188bet online sports betting for every 10 188bet online sports betting，About 164 188bet online sports betting transferred.3.7 billion 188bet online sports betting。

After transfer，The total share capital of HNA Holdings will increase to 332.4.3 billion 188bet online sports betting。164 formed by the aforementioned transfer.3.7 billion 188bet online sports betting will not be distributed to original shareholders，All will be distributed and disposed of in accordance with the "Reorganization Plan of Hainan Airlines Holdings Co., Ltd. and its ten subsidiaries"。

Among them，No less than 4.4 billion 188bet online sports betting are introduced to strategic investors at a certain price，The stock transfer price will be used first to pay reorganization expenses and pay off part of the debt，The remaining part is used to supplement working capital to improve the company’s operating capabilities；About 120 remaining.3.7 billion 188bet online sports betting were paid to some creditors of HNA Holdings and its subsidiaries at a certain price，Used to pay off corresponding debts to resolve the debt risks of HNA Holdings and its subsidiaries、Preservation of operating assets、Reduce asset-liability ratio。

Announcement display，The registration date for the conversion of capital reserve funds into equity is December 3, 2021，The ex-rights and dividend date is December 6, 2021，The listing date of converted equity capital is December 7, 2021。The 188bet online sports betting transferred this time are all tradable 188bet online sports betting without selling restrictions。

Since the conversion of capital reserve into share capital is part of the adjustment of investors’ equity in the reorganization process，Different from the general behavior of simply issuing additional stocks for dividends，According to regulations，Adjust ex-rights reference price calculation formula。Based on different situations of closing price before ex-rights and ex-dividends，This time, the company plans to adjust the calculation formula of the ex-rights reference price of A 188bet online sports betting as follows:

(1) The closing price of A 188bet online sports betting before the ex-rights and ex-dividend date is equal to or lower than 3.08 yuan/share

Ex-rights (dividend) reference price = (previous closing price-cash dividend)÷(1+change ratio of original circulating 188bet online sports betting)

Among them，“Original tradable 188bet online sports betting”refers to the A-share tradable 188bet online sports betting held by the company’s original shareholders before this transfer。Since no cash bonus is involved，The cash bonus in the formula is 0。At the same time，164 new stocks added this time.3.7 billion A 188bet online sports betting will not be distributed to original shareholders，All used to introduce strategic investors and pay off debt。A total of approximately 4.4 billion new 188bet online sports betting are used to introduce strategic investors，The consideration per share is 2.80 yuan，The stock transfer price is used to pay for restructuring costs and pay off part of the debt；There are about 120 remaining newly added stocks.3.7 billion 188bet online sports betting used to offset some creditors of HNA Holdings and its subsidiaries，The consideration per share is 3.18 yuan，Used to pay off corresponding debts to resolve the debt risks of HNA Holdings and its subsidiaries、Preservation of operating assets、Reduce asset-liability ratio。

The above-mentioned method of paying off debts with 188bet online sports betting and introducing 188bet online sports betting of reorganized investors have significantly increased the company's net assets，And the consideration for transferring 188bet online sports betting is based on the reference to the secondary market price of the stock，Taking care of creditors、The interests of the company and the original shareholders of the company will be determined after the interests of all parties are determined，It will be implemented after voting and approval at the company’s creditors meeting and investor group meeting，The value of its 188bet online sports betting and the consideration paid are basically balanced，Original shareholders’ equity has not been diluted。Therefore, the transfer of 188bet online sports betting and pricing are not included in the ex-rights reference price calculation formula。Before and after this transfer，The company’s original tradable 188bet online sports betting will not change，That is, the change ratio of the original circulating 188bet online sports betting is 0。Therefore，The adjusted ex-rights (dividend) reference price of HNA Holdings’ A-188bet online sports betting is consistent with the closing price of A-188bet online sports betting before the ex-rights and dividends date of capitalization of capital reserves。

(2) The closing price of A 188bet online sports betting before the ex-rights and ex-dividend date is higher than 3.08 yuan/share

Ex-rights (dividend) reference price = (previous closing price - cash dividend + price of converting 188bet online sports betting to offset debt×The proportion of changes in circulating 188bet online sports betting caused by the transfer of 188bet online sports betting to offset debts + the price of 188bet online sports betting subscribed by reorganization investors×The proportion of changes in circulating 188bet online sports betting caused by the subscription of converted 188bet online sports betting by restructuring investors)÷(1+the change ratio of circulating 188bet online sports betting caused by the transfer of 188bet online sports betting to offset debts+the change ratio of circulating 188bet online sports betting caused by the subscription of reorganization investors+the change ratio of circulating 188bet online sports betting caused by distribution to original shareholders)

Since no cash bonus is involved，The cash bonus in the formula is 0。Given that the closing price of A 188bet online sports betting before the ex-rights and ex-dividend date is higher than 3.08 yuan/share，It is necessary to consider the impact of converting each part into 188bet online sports betting on the stock price: the price of converting 188bet online sports betting to offset debt is 3.18 yuan/share，The change in the number of circulating 188bet online sports betting due to the transfer of 188bet online sports betting to offset debts is approximately 120.3.7 billion 188bet online sports betting，The change ratio is 12,036,673,928/16,436,673,928；The price of converted 188bet online sports betting subscribed by restructuring investors is 2.80 yuan/share，The converted 188bet online sports betting were subscribed by restructuring investors, resulting in a change in circulating 188bet online sports betting of approximately 4.4 billion 188bet online sports betting，The change ratio is 4,400,000,000/16,436,673,928；The transferred 188bet online sports betting will not be distributed to the original shareholders，The proportion of changes in circulating 188bet online sports betting caused by distribution to original shareholders is 0。

Based on the closing price of HNA Holdings A 188bet online sports betting on November 29, 20211.83 yuan/share calculation，That is, continuous daily limit after expiry，Until the ex-rights and ex-dividend date，The closing price of HNA Holdings A 188bet online sports betting will still be lower than 3.08 yuan/share。Therefore，Adjusted formula if applicable，The ex-rights (dividend) price of HNA Holdings A 188bet online sports betting will be consistent with the closing price of A-188bet online sports betting before the ex-rights and dividend date when the capital reserve is converted into equity。