There was nothing left to go: the results of HNA's rectification were released, and the founder Chen Feng's equity was cleared

Source: Hangziya

According to the latest disclosure of HNA Group's official micro, on September 18, Gu Gang, head of the joint working group of Hainan HNA Group and secretary of the Party Committee of HNA Group, said at the regular meeting of HNA Safety Production and Operation that after the completion of the reorganization, HNA will be split into four completely independent operating sectors - aviation sector, airport sector, financial sector, commercial and other sectors, and the shareholders of each free new actual controller will lead the way.

This also means that HNA Group will be split and will cease to exist thereafter.

Gu Gang also revealed to thousands of employees that after the reorganization, the rights and interests of the old shareholder team and cihang Foundation in HNA Group and member enterprises will be completely cleared and will no longer have relevant equity.

According to the shareholding structure previously disclosed by HNA Group, HNA Group is indirectly owned by Hainan Cihang Charity Foundation, Hainan Cihang Charity Foundation Inc., 12 natural persons and Hainan Airlines Holdings Co., Ltd.

Among them, cihang foundations and Cihang foundations set up at home and abroad respectively own more than 50% of the shares of HNA Group, 12 natural person shareholders hold 47.5% of the shares, and Hainan Airlines Holding Co., Ltd. holds 0.25%. The 12 natural person shareholders are all founders and executives of HNA Group, of which Chen Feng and Wang Jian hold 14.98% of the shares respectively, which are the largest natural person shareholders.

The equity of the old shareholder team will be cleared in accordance with laws and regulations, which also means that Chen Feng and other founding teams will formally withdraw from HNA Group and thousands of HNA-related companies from the legal theory, and the relationship between Cihang Foundation and HNA will be completely cut off.

Due to the inability to pay off the debts due, as early as January 29 this year, the official website of HNA Group and the official micro and related listed companies issued an announcement to announce that HNA Group was on the road to "rebirth" of bankruptcy reorganization.

It is worth mentioning that during this period, HNA Group employees collectively wrote a letter to report Chairman Chen Feng, which aroused concern. HNA employees listed a number of "charges" against Chen Feng, including:

Black-box operations to redeem the collected funds privately. For example, from 2018 to 2020, the Group continuously disposed of more than 300 billion yuan of fixed assets to resolve the internal liquidity crisis, as the main person in charge of HNA Group at that time, Chen Feng did not consider the interests of HNA employees, work life and survival issues, and in the case of non-disclosure and injustice, he used his power to privately use nearly 10 billion funds to give priority to the principal and interest of the fund-raising products purchased by himself, relatives and friends and some senior executives of the group.

Greedily, HNA has become a family business. The report said that Chen Feng's son, Chen Xiaofeng, "parachuted" into the board of directors of HNA without any legal compliance procedures of the group, and Chen Feng asked his son, who did not understand management and aviation business, to participate in and control the group's business, in a vain attempt to turn HNA Group into his own family business.

Use your authority to tie up gangs and cliques to enrich your own pockets, etc. HNA Group's fundraising products for employees have different income distribution ratios, which are treated separately according to whether they are management cadres, employee fundraising quotas, and job levels. In the case of the same project, the income of the crowdfunding products purchased by group executives is as high as 30% or more, and the average employee is only 8% to 11%.

These accusations cannot be confirmed one by one, but the emotions of employees can be imagined.

Since the outbreak of liquidity risks in late 2017, HNA Group has attracted much attention from the outside world. On July 3, 2018, Wang Jian, co-founder and then chairman of HNA Group, allegedly fell unexpectedly while inspecting France, causing serious injuries and died after ineffective rescue. After Wang Jian's death, Chen Feng, who had already retreated to the second line, re-emerged from the mountains and took over as chairman.

On February 29, 2020, HNA issued an announcement that since the outbreak of liquidity risks in 2017, HNA Group has actively carried out self-help, but failed to completely resolve the risks, and in order to effectively resolve the risks, the Hainan Provincial People's Government led the establishment of the "Hainan Provincial HNA Group Joint Working Group". The joint working group will fully assist and fully promote the risk disposal of HNA Group.

On January 29, 2021, HNA Group received a Notice from the Hainan Provincial High People's Court, the main content of which was: "The relevant creditors applied to the court for bankruptcy reorganization of the group because our group could not pay off its debts as they fell due." ”

In March 2021, the Hainan Provincial High People's Court ruled on the substantial merger and reorganization of HNA Group Co., Ltd.

On September 12, 2021, the two listed companies under HNA Group, *ST HNA and *ST Foundation, respectively issued announcements that the manager has determined that the strategic investor of HNA Group's main aviation business is Liaoning Fangda Group Industrial Co., Ltd., and the strategic investor of HNA Group's airport sector is Hainan Development Holding Co., Ltd.

This time, Gu Gang announced the splitting of the group's business segments, and the interests of the old shareholder team and cihang foundation in the HNA Group and its member enterprises were all zeroed, which is the latest progress. At present, Chen Feng and others have only been cleared of equity, and there has been no other news. For more information and comments, please pay attention to this number.