A court in Hainan, China, gave the go-ahead in March for a merger of 321 firms related to HNA to enable it to potentially emerge from bankruptcy after a $50 billion global acquisition spree brought it to its knees.

HNA's flagship firm, Hainan Airlines, said its new strategic investor Liaoning Fangda may become the controlling shareholder of the conglomerate's aviation business after the investment.

Liaoning Fangda Group Industrial Co is a conglomerate featuring carbon, steel and pharmaceutical sectors, with listed units such as Fangda Carbon New Material Co, Northeastern Pharmaceutical Group and Fangda Special Steel Technology Co.

Separately, HNA Infrastructure Investment Group Co Ltd said on Sunday that Hainan Development Holdings Co Ltd will become its strategic investor and may become its controlling shareholder.

(Reporting by Judy Hua and Tony Munroe; Editing by Elaine Hardcastle)