Hainan Airlines Holding Co.,Ltd. (SHSE:900945) signed an equity transfer agreement to acquire Hainan Tianyu Flight Training Co., Ltd. from HNA Aviation Group Co., Ltd. for approximately CNY 700 million on December 12, 2018. The transaction is subject to the approval of shareholders of Hainan Tianyu Flight Training Co., Ltd. and Hainan Airlines Holding Co.,Ltd., the implementation of the internal review procedures and approval of the relevant regulatory authorities or the approval authority. The transaction was approved by the Board of Directors of Hainan Airlines Holding Co.,Ltd. in the 37th meeting of the 8th Directorate on December 12, 2018. Post rational adjustment, the transaction was reapproved in the 42nd meeting of the 8th Board of Directors of Hainan Airlines Holding Co.,Ltd. As of April 19, 2019, transaction was approved by shareholders of Hainan Airlines Holding Co.,Ltd. Hainan Airlines Holding Co.,Ltd. (SHSE:900945) cancelled the acquisition of Hainan Tianyu Flight Training Co., Ltd. from HNA Aviation Group Co., Ltd. on December 12, 2019.