Temasek Holdings, the state-backed investment vehicle of Singapore, is in talks with HNA Group to buy a minority stake in both Hong Kong Airlines and HK Express, subject to due diligence should the process begin.

HNA Group signed a MOU with investment company Temasek last week to “explore opportunities in aviation and logistics, and airport infrastructure."

Singapore Airlines is not involved in the deal, despite Temasek being its majority shareholder.