Hainan Airlines Holding shareholders have approved a CNY750 million yuan (USD106.5 million) capital injection into its affiliate, HNA Cargo, according to a Shanghai Stock Exchange filing. The investment aims to firm the cargo unit's capital base, restructure debt, and synergise the airline's belly-hold capacity and specialised freighter operations.
The transaction, which was approved during an extraordinary general meeting on December 17, 2025, will see Hainan Airlines Holding acquire a 16.2% stake in the cargo entity. Of the total investment, CNY50.2 million (USD7.1 million) will be allocated to registered capital, with the remaining CNY699.8 million (USD99.5 million) designated as capital reserves.
Established in 2010, HNA Cargo is primarily owned by the airline's parent, HNA Aviation Group, which will see its holding diluted from 92.4% to 77.4% following the increase. The cargo unit also holds a 77.9% controlling interest in Suparna Airlines, transferred from the parent earlier in 2025.
HNA Cargo relies heavily on the belly space of member carriers within the HNA Aviation Group, such as Hainan Airlines, Capital Airlines (China), and Lucky Air (China). It has links with dedicated freighter operators like Suparna Airlines and Tianjin Air Cargo - both of which operate Boeing narrowbody and widebody freighters.
The airline stated that the move will help it "grasp future growth opportunities in the air cargo market" using internal funds without impacting daily operations. As of late October 2025, HNA Cargo reported total assets of CNY11.6 billion (USD1.6 billion) and a net profit of CNY6.4 million (USD910,000) for the first ten months of the year.
In addition to the cargo investment, shareholders confirmed the election of a new board of directors and approved the abolition of the board of supervisors to streamline corporate governance.
