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HNA Group’s assets are attracting interest from Fosun, JD.com

(Bloomberg) – Fosun Group and a division of JD.com Inc. are among suitors considering investing in HNA Group Co.’s domestic operations as the indebted Chinese conglomerate reorganizes after being placed under state control, said people with knowledge of the issue. Ping An Insurance Group Co., Juneyao Airlines Co . and Air China Ltd. are also investigating HNA assets, people said, asking not to be identified because the information is private. Each deal could raise billions of dollars, people said. The once high-flying conglomerate plowed more than $ 40 billion in multiple trophy assets around the world before being taken over by the government, which took control just over a year ago as the pandemic affected other HNA businesses. The company still owns airlines, airports and retail assets in China. Some bidders may pool for investment, and the structure of each potential deal has not been finalized, people said. Discussions are ongoing and there is no certainty that potential investors will continue with specific offers, people said. Representatives of Air China, HNA, Juneyao and Ping An Insurance declined to comment, while representatives of Fosun and JD did not immediately respond to requests for comment. Billionaire Guo Guangchang̵

7;s Fosun Group, founded in 1992, is a Chinese conglomerate whose business ranges from pharmaceuticals and travel to retail and insurance. JD.com, one of the largest e-commerce platforms in China, has expanded into healthcare and logistics. JD Logistics Inc. has won approval from the Hong Kong Stock Exchange for an initial public offering that could raise about $ 4 billion, Bloomberg News reported this week. Juneyao Air, a private airline based in Shanghai, said Thursday that it plans to invest 5 billion yuan ($ 772 million) in a joint venture that will buy the airline, but did not provide any details. Separately, Caixin said the targets were HNA Group’s airlines, citing an unidentified person. money from George Soros, the company emerged from near obscurity to create a buying prowess that saw it become the largest shareholder in Deutsche Bank AG and Hilton Worldwide Holdings Inc. She was once the child of a poster for Kabbalah by builders of the Chinese Empire, which quickly took loans to plunder trophy assets around the world. The difference eventually led to a burden on HNA’s debt to about $ 86 billion by the end of 2017. It began reducing its assets in early 2018 under pressure from the government, which began subjecting its activities to its largest offshore acquirers to manage financial risk and damage China’s reputation. In December, HNA agreed to sell Ingram Micro Inc. for about $ 7.2 billion, which is the largest asset sale to date. The Chinese government wants to bring HNA back to its roots as an airline and therefore plans to dispose of HNA’s non-aviation assets through a trust, Bloomberg News reported in January. The conglomerate has begun looking for strategic investors for the Shenzhen-listed CCOOP Group Co., which operates stores, department stores, logistics parks and online financial services, according to a March statement on the HNA website. Its airport assets and airline business are also looking for strategic investors, separate statements on the website show. HNA Infrastructure Investment Group Co., which develops real estate projects, including airport industrial parks, and Hainan Meilan Co., an international airport listed in Hong Kong, are both owned by HNA. HNA’s airline business is among the largest Chinese carriers with stakes in Hainan Airlines Holding Co., Air Changan, low-cost carrier Beijing Capital Airlines Co., and Suparna Airlines, also known as Yangtze River Airlines Co., according to the HNA website. The Group also holds a majority stake in lessor Avolon Holdings Ltd. through its division Bohai Leasing Co. Hainan Airlines reported a net loss of 2.6 billion yuan in the first quarter of 2021, after losing 64 billion yuan last year, according to the latest financial report. (Adds more details about HNA’s assets from paragraph 11.) For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most trusted source of business news. © 2021 Bloomberg LP

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