Earworm: The Mystery of HNA’s $100 Billion Misappropriation of Funds

The financial situation of HNA Group is certainly a cause for concern, but the power struggle behind the scenes is even more intriguing.

The case of HNA Group’s bankruptcy restructuring has become more and more confusing. China Economic Weekly, a subsidiary of the powerful People’s Daily, broke the news that the group’s “major shareholders” and their “affiliated companies” were taking funds and undisclosed guarantees amounting to more than US$100 billion. Strangely, the report did not provide the names of the “major shareholder” and the details of its “affiliated companies”. If the authorities have identified the group’s misappropriation of funds, and the amount is so huge, but the names of the suspects and related information are not mentioned at all, what kind of Medicine is it?

Some analysts believe that this “toothpaste” (squeeze toothpaste) type of revelation, “want to talk but still rest” narrative, just shows that the high-level wrestling is still ongoing. Some outsiders have already concluded that “HNA Group has close ties with Vice President Wang Qishan”, but the reports do not reveal this, which seems to reflect the ongoing bargaining at the heart of power!

About a year ago, rumors of HNA Group being taken over by the Hainan provincial government and its assets being transferred to the three major airlines for restructuring were rampant, but at that Time, the mainland media “First Financial” still quoted “authoritative sources” as saying, “These are all gossip, catching wind and taking things for granted. One year later, is there a breakthrough in this stalemate? The financial situation of HNA Group is certainly a cause for concern, but the power struggle behind the scenes is even more intriguing!