Hainan Airlines faces exchange inquiry on major asset purchase

Hainan Airlines Holding (SSE:600221) is under scrutiny from the Shanghai Stock Exchange following its proposal for a major asset purchase. The exchange issued an inquiry letter regarding the draft plan to acquire 100% equity of Hainan Tianyu Flight Training from Hainan Airport Facility, a subsidiary of Hainan Airport Facility. The transaction, valued at CNY 799 million, has raised several questions concerning the target company's financials, asset valuation, and related-party transactions.