ST Hainan Airlines is about to “take off its hat”, one step closer to the tens of billions of capital injection

Source: Interface Gallery

Reporter Xue Bingbing

ST HNA ( 600221.SH ) takes off its hat soon.

On the evening of September 28 , ST HNA ( 600221.SH ) announced that the company’s shares will be suspended for one day on September 29 , and will resume trading on September 30 and withdraw other risk warnings.

After revoking other risk warnings, the stock abbreviation was changed from “ST Hainan Airlines “ to “ HNA Holding “ ; the stock abbreviation of B shares was changed from “ST Hainan Airlines B” to “ Hai Holdings B Shares “ .

This means that HNA Holdings will soon officially take off its hat and come out of the delisting crisis after completing the star acquisition in May this year and changing from * ST HNA to ST HNA.

The reason why it has not taken off its hat is that HNA Holdings is suspected of information disclosure violations and regulations, and has been investigated by the China Securities Regulatory Commission and continues to implement other risk warnings.

The so-called letter and approval of violations of laws and regulations are mainly related to the “ shareholders and related parties’ non-operating capital occupation, undisclosed guarantees, and assets that require attention “ of the listed companies of HNA before the reorganization .

HNA Holdings stated in today’s announcement that the company’s “Self-Inspection Report” and the China Securities Regulatory Commission’s “Administrative Penalty Decision” involved capital occupation and undisclosed guarantees and other related situations have been eliminated. On September 28 , the Shanghai Stock Exchange agreed to the company’s application to withdraw other risk warnings on the company’s stocks.

Revocation of other risk warnings and removal of ST also created favorable conditions for HNA Holdings to raise funds through private placement.

At the semi-annual work conference of HNA Airlines, Fang Wei, chairman of Fangda Group, mentioned in his speech, “ If Fangda wants to introduce capital or inject capital, first of all, we must wait for the listed company’s previous violations of laws and regulations to be decided, and then we can make a decision by removing ST . Increase, this is the provisions of the securities law. ”

In the first half of this year, ST HNA’s net assets turned negative again, with a gap of 2.532 billion yuan, and the asset-liability ratio reached 101.91% , falling into the predicament of insolvency.

ST HNA said that if the company’s audited net assets at the end of 2022 are still negative, according to the relevant provisions of the “Stock Listing Rules”, the company’s stocks will be issued a delisting risk warning after the 2022 annual report is disclosed.

In order to reverse the situation of insolvency, on the evening of August 11, ST HNA announced a fixed increase of 10.87 billion yuan, using the method of major shareholders subscribe for stocks to inject capital into subsidiaries. The target of the private placement is Hainan Hanwei Investment, and Hanwei Investment is 100% owned by HNA Aviation Group, and the actual controller behind it is still Fang Wei.

Cheng Yong, chairman of HNA Holdings, said at the performance briefing for the first half of the year that the company is currently preparing materials for submission to the CSRC, and strives to complete the issuance by the end of 2022. The actual progress depends on the review progress of the CSRC.

In addition to the capital injection by major shareholders, HNA Holdings is also improving the financial situation in other ways. In the performance exchange meeting, it was stated that in the face of the huge difficulties faced by the entire civil aviation industry, the government has issued a series of relief policies, including financial credit, airline subsidies, tax reduction and exemption and other policy measures. In addition to making full use of various bailout policies, the company is also actively coordinating various supports from the government and financial institutions.