Hainan Airlines completes USD440 million share placement

Hainan Airlines stated it has completed a private placement of 595 million new shares worth CNY3 billion (USD440 million) (Reuters/China Daily, 25-Feb-2010). Hainan Airlines issued the new shares to the Hainan Provincial Government and its parent company, HNA Group, at CNY5.04/share, to raise funds to pay back bank loans and supplement working capital.