Hainan Airlines Holdings Co. announces its major asset restructuring plans to target HNA Group and its controlling companies and independent third parties to acquire the underlying assets. The underlying assets of the current proposed transaction are:
(1) Western Airlines Co., Ltd.
(2) Guilin Airlines Co., Ltd.
(3) Hainan Airlines Technology Co., Ltd.
(4) Hainan Tianyu Flight Training Co., Ltd.
(5) Haihang Hotel Holding Group Co., Ltd.
(6) SR Technics Holdco I GmbH
(7) Overseas Hotel Company
The planned major assets reorganization intends to purchase assets from the counterparty. The transaction method will involve the issuance of shares, the payment of cash for the purchase of assets and the simultaneous financing, and the specific plan is being communicated, discussed and demonstrated. This major asset reorganization has the possibility of causing changes to the actual controllers of the company and is not expected to constitute a backdoor listing. It will ultimately be determined after the approval of the specific plan and the competent authority.
The stock exchange agreed that the company's stock will continue to be suspended from 12 March 2018. It is expected that the company will continue to suspend trading for no more than one month. During the suspension of trading, the company will organize relevant intermediaries to expedite the project work in accordance with relevant regulations.
The company expects to disclose the major assets reorganization plan or reorganization report before 10 April 2018.