Announced
Synopsis
Hainan Airlines Holding, the aviation unit of Chinese conglomerate HNA Group, sold its 40% stake in Urumqi Air to the government of Urumqi. Financial terms were not disclosed. After the transaction, the government or its designated subsidiaries will hold 70% of Urumqi Air’s shares, while HNA will hold 30%. Hainan Airlines said the transaction would be of long-term benefit to the local carrier based in Urumqi, the capital of the Xinjiang autonomous region.
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