First, the background of HNA's reorganization
HNA Group witnessed the development of Hainan Special Economic Zone and once became the model and pride of China's private economy. However, due to the liquidity crisis caused by unconventional mergers and acquisitions, it tried to survive by breaking its arm and struggling to save itself. But it is too late, and hundreds of billions of debts cannot be borne by a private enterprise. What's more, there are many HNA enterprises, and there are many large shareholders holding shares and illegal guarantees, so it is difficult to win the trust of creditors by the enterprises themselves.
Under the dangerous situation of HNA's shipwreck, it coincides with the historical opportunity of Hainan's free trade port construction, and the realistic need of the deep fit between HNA's core assets and the free trade port construction. The Hainan Provincial People's Government took the lead in setting up the "Hainan HNA Group Joint Working Group" to fully assist and fully promote the risk disposal work of HNA Group. This also means that HNA Group, which once had huge assets, officially entered the debt restructuring stage. According to the announcement of HNA Group, the head of the joint working group is Gu Gang, chairman of Hainan Development Holdings Co., Ltd., and the executive deputy head is Ren Qinghua, director of the Management Committee of Hainan Yangpu Economic Development Zone. The deputy heads are Li, deputy director of the Central and South Regional Administration of China Civil Aviation, and Cheng Gong, deputy director of the Credit Administration of China Development Bank.
The high-standard configuration of the reorganization working group is believed to reshape Hainan Airlines and become a driving force, not a resistance, for building a free trade port.
Second, reorganize the recruitment requirements of investors
On March 19, HNA Group announced in official website to recruit strategic investors for its aviation main business sector, airport sector and supply and marketing hub (non-aviation assets).
For strategic investors in the aviation industry, the announcement said that private capital is welcome to actively participate. However, for the reorganization of domestic airlines within the scope of recruitment, it is still necessary to ensure that the existing registration places, brands and licenses of airlines with Hu code holdings and local state-owned shareholders remain unchanged, and to ensure that they will continue to operate and actively participate in local economic and social development after reorganization. After the reorganization, the registered place and business place of HNA's main business headquarters should be located in Haikou, Hainan, and ensure that HNA's main business is inseparable, and HNA Holdings and local aviation enterprises can operate under the control of a network.
The intended strategic investor in the airport sector should be a state-owned holding enterprise and should be authorized by its state-owned assets supervision institution or local government. At the same time, priority is given to intentional strategic investors whose headquarters are registered in Hainan Free Trade Port. Intentional strategic investors must promise to implement and cooperate in accordance with Hainan Province's unified planning and arrangement for the investment and construction management of future airport infrastructure construction, expansion and reconstruction, and actively participate in the local economic and social development after reorganization.
The main businesses of the commercial sector include Shangchao Cool Shop, Minsheng Department Store, China Collection and Daji Collection. For the strategic investors who supply and sell the market, the announcement requires that they recognize and agree to the judicial reorganization procedure of the supply and marketing market, and are willing to cooperate and support the judicial reorganization work. In the future, the operation of the supply and marketing market needs to ensure the normal operation and steady development of enterprises.
Recruitment requirements are compiled according to announcements and public information.
Third, the secondary market opportunities of relevant listed companies.
The listed companies 60022 1, 6005 15, and 000564 that issued the announcement of raising and reorganizing investors respectively correspond to the above three sectors. The recruitment of restructuring investors means that the three listed companies are one step ahead and the restructuring has entered the fast lane. With the registration deadline of April 1 1- 13 and the follow-up work, the final investor will be determined at the end of the month.
Since the announcement of March 19, the share prices of the three companies have performed well, reflecting the good expectations of the market. Some large companies have fermented rumors of participating in investment on the Internet, and popular concepts such as aviation logistics, airport operation, tax exemption, rural revitalization, and new retail have also been added to related companies, giving the stock price an upward imagination, which will be repeatedly speculated with the restructuring process in the later period.
Will you participate in the blind box opportunity of HNA restructuring? I will be deeply involved. In addition to the initial investor confirmation in April, the May Day tourism theme superimposed on the first China International Consumer Expo will also be a bonus.