Hainan Airlines completes major flight training company acquisition

Hainan Airlines Holding Co., Ltd. (HNA Holdings) has successfully completed the acquisition of 100% equity in Hainan Tianyu Flight Training Co., Ltd. (Tianyu Flight Training) from Hainan Airport Development Industrial Group Co., Ltd. The transaction, valued at CNY 79,907.00万元, was settled in cash, and the asset transfer was finalized. HNA Holdings now holds full ownership of Tianyu Flight Training. The acquisition was approved by HNA Holdings' board of directors, supervisory board, and shareholders in June, August, and September 2025, respectively.

This acquisition is classified as a major asset restructuring and is not a related party transaction or a back-door listing. The transaction includes the acquisition of Tianyu Flight Training's 100% equity, with assets including the land and buildings used for its operations. This follows a previous acquisition of Yunxiang Education in December 2024 for CNY 100,037.03万元, consolidating flight training services under HNA Holdings.

The independent financial advisor and legal counsel have confirmed that the transaction complies with relevant laws and regulations, all necessary approvals and authorizations have been obtained, and the asset transfer and payment have been completed as agreed. There are no material discrepancies from previously disclosed information, and no unauthorized use of company funds or assets by the actual controller or related parties, nor any illegal guarantees provided.