Hainan Airlines Holding Co.,Ltd. (SHSE:900945) entered into an equity transfer agreement to acquire an additional 12.18% stake in China Xinhua Airlines Group Co., Ltd. from Jiaxing Xingcheng Haixin Investment Partnership (Limited Partnership) for CNY 1.6 billion on December 12, 2018. Upon completion of the transaction, Hainan Airlines will hold a 73.92% stake in China Xinhua. As of December 31, 2017, China Xinhua Airlines reported total assets of CNY 15.5 billion, net assets of CNY 12.37 billion, revenue of CNY 5.52 billion and net profit of CNY 365.24 million. This transaction still needs to be reviewed and approved by China Xinhua Airlines' shareholders' Meeting the relevant administrative regulatory authorities. The transaction is still subject to approval from shareholders of Hainan Airlines Holding Co.,Ltd. The transaction was reviewed and approved at the 37th meeting of the 8th directorate of Hainan Airlines Holding. On April 19, 2019, 3rd Extraordinary Shareholders Meeting of Hainan Airlines Holding approved the transaction. Hainan Airlines Holding Co.,Ltd. (SHSE:900945) cancelled the acquisition of an additional 12.18% stake in China Xinhua Airlines Group Co., Ltd. from Jiaxing Xingcheng Haixin Investment Partnership (Limited Partnership) on December 12, 2019.