HNA sold its 40% stake in Urumqi Air to local government.

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.