Hainan Airlines Holding Co., Ltd. (Hainan Airlines, 600221.SH) on Thursday announced to terminate its 10.5-billion-yuan equity acquisition plan given the changing macroeconomic environment and the fluctuating domestic securities market.
The acquisition plan was proposed in January this year.
According to the company's filing, it intended to purchase stakes held by HNA Group Co., Ltd., one of its trading partners, including 60.78-percent stake in HNA Aviation Technic Co., Ltd., 59.93-percent stake in HNA Aviation (Hong Kong) Technics Holding Co., Ltd. and 100-percent stake of Hainan Sky Plumage Flight Training Co. Ltd.. The total acquisition package is worth about 10.48 billion yuan.
Hainan Airlines promised no further major assets restructuring plan within one moths after the announcement.
Hainan Airlines' biggest shareholder is Grand China Air Co., Ltd, a wholly-owned enterprise of Hainan provincial government.