HNA Group seeks government assistance in risk management efforts

HNA Group, parent company of Hainan Airlines, has appealed to the Hainan provincial government for help in setting up a working group to look into its risk management efforts, the company said.

HNA states that it has faced increased liquidity risk of late, in light of the coronavirus outbreak, and was unable to manage the risks by itself.

The joint working group, which the provincial government will set up with other relevant parties, will fully assist in HNA´s risk management work.

HNA´s appeal for government help comes amid news reports that the group might be taken over by the Chinese government. HNA has faced a liquidity crunch for the past few years.

Airlines in the HNA Group, such as Hainan Airlines, have been hard hit by weakened travel demand following the coronavirus outbreak.