Because of the government crackdown, more details about HNA’s ownership structure are now emerging.

Hainan Airlines, China’s fourth-biggest carrier, is widely believed to be controlled by HNA, but on Thursday the carrier told an online investor conference that Hainan’s State-owned Assets Supervision and Administration Commission (SASAC) controls it through SASAC’s stake in Grand China Air.

Trading in Hainan Airlines’ shares has been suspended since January, as have shares in six other HNA-affiliated companies listed on mainland stock markets, as the firms undertake a “major asset restructuring”. The carrier said on Thursday the restructuring may lead to a change of control.

“The company is currently communicating, negotiating and proofing its asset restructuring plan, and there is a possibility that the actual controller of the company could change,” the carrier’s president, Xu Jun, told investors in a chatroom post.

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