A person familiar with the matter recently revealed that Hong Kong Airlines’ plan to sell nearly 30% of its shares has been temporarily shelved due to the sudden death of the chairman of HNA Group, one of its largest shareholders.

According to Bloomberg News, people familiar with the matter who did not want to be identified said that the sale of no more than 30% between privately owned Hong Kong Airlines and potential investors is around 250 million to 300 million (US dollars, the same below, about 341 million to 409 million Singapore dollars).The equity negotiation had already entered an in-depth stage, but the former chairman of HNA Group, Wang Jian, died unexpectedly in France in early July, and the negotiation immediately came to a standstill.Because the deal would dilute HNA Group's stake in Hong Kong Airlines, Wang Jian was also involved in the negotiations during his lifetime, the person said.

Hong Kong Airlines, which has been established for 12 years, has a fleet of more than 30 aircraft, and its passenger routes cover nearly 40 major cities in the Asia-Pacific and North America regions.The proceeds from the share transfer will help the company expand its operations to compete with industry giants such as Cathay Pacific.HNA Group, which was heavily indebted due to its once aggressive cross-border asset acquisitions, has disposed of more than 17 billion yuan in assets to repay debts this year.The company sold its roughly 34 percent controlling stake in Hong Kong Airlines to Frontier Investment Partner LP in July 2017.

Representatives for Hong Kong Airlines and HNA Group declined to comment.

It is uncertain when negotiations will resume, the person said.The bidders included at least five Asian investors, some of which are family offices of Hong Kong tycoons.

Despite selling a controlling stake in Hong Kong Airlines to Frontier last year, HNA Group's HNA Holdings currently holds a 27 percent stake in the Hong Kong carrier.Hong Kong Airlines, which is applying to Hong Kong authorities for more key routes, also plans to list in Hong Kong as early as next year, people familiar with the matter said. The second in command of Suzhou Industrial Park was replaced by Ding Lixin

China's Suzhou Industrial Park held a meeting of leading cadres this morning, announcing that the Jiangsu Provincial Party Committee and the Suzhou Municipal Party Committee announced that Ding Lixin will serve as the deputy secretary of the Party Working Committee and director of the Management Committee of the Suzhou Industrial Park.

According to The Paper, the WeChat public account Suzhou Industrial Park released the news. At present, Wu Qingwen, a member of the Standing Committee of the Suzhou Municipal Party Committee, concurrently serves as the Secretary of the Party Working Committee of Suzhou Industrial Park.The second in command of the Suzhou Industrial Park—the deputy secretary of the Party Working Committee and the director of the management committee—was previously held by Zhou Xudong.

It is understood that after this personnel adjustment, Zhou Xudong has another appointment.

Suzhou Industrial Park is an important cooperation project between the governments of China and Singapore. It was established with the approval of the State Council in February 1994 and was launched in May of the same year. The administrative area is 278 square kilometers.

In 2017, Suzhou Industrial Park achieved a regional GDP of 235 billion yuan (RMB, the same below, about S$47 billion), and general public budget revenue of 31.78 billion yuan.According to the park's official website, Suzhou Industrial Park ranks first in the comprehensive evaluation of China's economic development zones, ranks third in China's top 100 industrial parks, and ranks fifth in China's high-tech zones.

According to reports, Ding Lixin is also a veteran of the park.At the beginning of the establishment of the Suzhou Industrial Park, 27-year-old Ding Lixin served as a cadre in the Industrial Park Management Committee, and was later promoted to the director of the Social Affairs Bureau of the park, the director of the Education Bureau, and the director of the Management Committee Office.

Before assuming this new post, Ding Lixin had served as a member of the Party Working Committee and Deputy Director of the Management Committee in Suzhou Industrial Park for more than two years.