HNA Aviation Group Co.,Ltd. agreed to acquire 48% stake in Tianjin Airlines Co., Ltd. from Hainan Airlines Holding Co.,Ltd. (SHSE:900945) for CNY 6.7 billion on October 17, 2019. Under the term, HNA Aviation Group will pay CNY 1.70 per share. Equity transfer agreement will be signed after the transaction has been reviewed and approved by the shareholders' meeting and the relevant pre-approval work has been completed. Currently, Hainan Airlines Holding Co.,Ltd. and Tianjin Port Free Trade Zone Investment Co., Ltd. holds 95.82% and 4.18% stake in Tianjin Airlines Co., Ltd. Post completion, Tianjin Airlines Co., Ltd. will no longer be the Hainan Airlines Holding’s holding subsidiary. HNA Aviation Group Co.,Ltd., Hainan Airlines Holding Co.,Ltd. and Tianjin Port Free Trade Zone Investment Co., Ltd. will hold 48%, 47.82% and 4.18% stake in Tianjin Airlines Co., Ltd. The transaction is subject to shareholder approval of Hainan Airlines Holding Co.,Ltd, fulfillment of approval procedures transaction by transaction related parties, and approval from relevant administrative supervision department. The transaction was approved by the board of directors of Hainan Airlines Holding on the 8th directorate in its 51st meeting and on the 8th supervisory board in its 24th meeting. The transaction has been approved by the 8th extraordinary shareholders’ meeting of Hainan Airlines Holding Co.,Ltd on November 1, 2019.