After the liquidity crisis, HNA has been in the vortex of public opinion.After experiencing a major turning point of buying, buying, selling and selling, rumors about HNA bankruptcy have been rumored.Last year, HNA disposes nearly 300 billion yuan in assets.What is the risk of HNA this year?

During the 2019 annual meeting of the Boao Forum for Asia, Chen Feng, chairman of HNA Group, accepted an exclusive interview with China News Weekly.

China News Weekly: Buy!purchase!purchase!It was the label of HNA.What do you think about HNA's overseas mergers and acquisitions before?

Chen Feng: In the process of going out, Chinese companies, regardless of private and state -owned enterprises, HNA is indeed the first.At present, European and American countries have blocked China. Now, if HNA goes to acquire the world's top companies, it can be said that it is impossible.From this perspective, it can be said that HNA did a great thing for the country and the nation.

For example, Yingmai, the world's largest IT distributor, is the world's Fortune 500 companies, ranking more than 200.For fifty years, it is difficult for us to do it; we acquire AVLON rental companies, the third largest aircraft leasing company in the world, with its own, management and order fleets of more than 1,000, breaking the international aircraft leasing marketLong -term monopoly by Western companies giants.Subsequently, the world's largest aviation ground service management company was acquired, and a family of 300 airports would take a long time if we grew into such a company. In addition, we also acquired Gategroup the world's largest aviation food company in the world.More than 60 countries and regions in the world, serving more than 300 airlines in the world, serving nearly 600 million people in global passengers in the world, accounting for 25%of the global market share.

Seeing such a good opportunity, we bought it quickly, and it was really unbelievable.It is also because the opportunity is so good that foreign financing is cheap. More than 50%of them are loan financing of foreign companies.So desire pushed us all to the fast track.

However, because HNA diversified mergers and acquisitions too fast, it did cause problems.After all, the carrying capacity of an enterprise is limited.

At that time, the logic and route designed at that time were also very complete. After the mergers and acquisitions abroad, the capital market was issued, and the debt ratio decreased. It returned a loan for creditors for mergers and acquisitions in one year.The price -earnings ratio of double the domestic and foreign capital markets is 11:21. From this perspective, the M & A logic is complete.

But once there are external factors changes, the risk is coming when the matter is not completed.All in all, we have insufficient experience in the rapidly growing and changing foreign environment.

I deeply feel that China is not ready, and it takes time.Chinese companies are going to the world, and HNA is a small attempt.We encountered changes in the domestic and foreign environment, and there was a problem when we could not complete the logic of these mergers and acquisitions.

China News Weekly: Last year, how did HNA respond after HNA's liquidity crisis?

Chen Feng: Since June 12 last year, HNA has done two things in strict accordance with the spirit of the Party Central Committee and the State Council: one is to keep the safety bottom line.For HNA, aviation safety is the bottom line. When encountering changes in the external environment, it is very important to ensure the stability of aviation security and the stability of human heart.The second is that we have kept rigid payment without systemic financial risks.Last year, HNA experienced the fighting of life and death, and it can be said that it experienced a situation gradually coming out of the dilemma.

At present, HNA's service quality and development are normal, our service quality continues to improve, and we mobilize enthusiasm in the development strategy.For example, Capital Airlines, at the end of last year, we signed an agreement with the Beijing Capital Tourism Group to conduct equity transfer, increase capital and share shares, and cooperate with the construction of Beijing Second Airport.Capital Airlines is one of the ten Chinese aviation ten people after eight years. It is an excellent airline company of intercontinental routes. It has more than 10 billion yuan a year.Professional management.

To solve the problem of liquidity, we always need a process, we need to work hard, and the help of the outside world.With the support of the Party Central Committee, the State Council, and creditors, HNA will certainly be able to overcome these risks brought by liquidity difficulties and revitalize HNA's morale.The current situation and stable situation, HNA is not easy.

China News Weekly: In 2019, how will HNA further resolve the crisis?

Chen Feng: In 2019, we still face difficulties.It takes time to resolve the funds gap and require us to gradually resolve.In terms of dealing with assets, we must strengthen our efforts!We are unswervingly focusing on the main aviation business and healthy development. It is not the main business. We have no heart, no matter how good the project is, we will not stay, and we will resolutely dispose.

Of course, a group of excellent enterprises, we hope to leave the Chinese nation, to the people, and no longer want to sell them to Western countries. We always want to leave excellent high -quality assets.

From the perspective of industrial layout, HNA is a bit deviated from the main business, but HNA does not deviate at all for good things in China.People of my age have a little bit of family feelings.Therefore, we hope that in the accelerated disposal, we can better leave something and what to bring to the country and the nation.

I think that Jiali is the great profit of the world, which can make enterprises bring benefits to the society. It is not important who (the company) is under the name of the (enterprise).The key is whether this career can achieve society and others.