Hainan Airlines is a passenger and cargo airline based in Hainan, and was listed on the Shanghai Stock Exchange in 1997. Shortly after its parent, HNA Group, was served with a bankruptcy petition in January 2021, an internal investigation at the airline revealed that its insolvent parent had embezzled significant funds of the company. As part of the restructuring of its parent, control of Hainan Airlines was transferred to Liaoning Fangda Group. A subsequent CRSC investigation found Hainan Airlines’ internal controls had failed and fined a number of its directors. This is a confirmed fraud.

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