In the domestic commercial field, HNA adopts a high-risk scheme, and HNA participates in numerous mergers and acquisitions, including fast-selling, retail, real estate, financial services and many other industries. In its long list of scandal targets, there have been well-known enterprises such as shanghai jahwa and Greentown. It seems to be developing steadily and rapidly.
However, the capital chain of HNA, which is attacking everywhere, is not plentiful, even tense. The strategy of HNA Group is to become bigger and stronger first, and to combine industry with finance. The less capital there is, the more it needs to operate through frequent transactions. HNA has formed a "high debt ratio" operation mode.
According to public information, the asset-liability ratio of HNA Group increased year by year, from 2006 to 20 10, which were 56.79%, 57. 13%, 67.59%, 75.0 1% and 75.75% respectively. "First expand, then raise funds through the equity pledge of listed companies, and at the same time move the funds of listed companies to further expand." This has become the capital of HNA Group.
Once the capital chain breaks, the consequences are unimaginable. In today's tight financing environment, the expansion model with debt as financial leverage like HNA Group is very risky. As long as a part goes wrong, it will be like a chain reaction, and the rest will be affected. It may slowly collapse, the funds can't make ends meet, and the debt ratio reaches an alarming level.
The possibility of boosting shipping business in the next two years is low. Once HNA's GESEACO plan falls into a sustained loss, it will affect HNA's further capital operation, leading to an increase in corporate debt ratio and operational risks.
It can be said that HNA is in the stage of capital chain turbulence, just like its name, sailing in the sea. If we can overcome this hurdle, HNA's capital chain will be more stable, the debt ratio will be reduced and the business will be more stable. If you can't pass this hurdle, you may really break the capital chain. In this case, the debt ratio is bound to be so high as to frighten people to death. HNA will definitely give up some business and may never return to its original height.