Yangtze River Express (Shanghai Hongqiao) is set to be taken over by China's HNA Group, the parent company of Hainan Airlines (HU, Haikou), after the Shanghai-based carrier's current Taiwanese shareholders, which includes China Airlines (CI, Taipei Taoyuan), Yang Ming Marine Transport Corp, Wan Hai Lines Ltd. and China Container Express Lines Inc, moved to sell back their 49% shareholding to HNA, who hold the majority 51% stake. China Airlines said the original 2005 investment was aimed at tapping into the huge Chinese market when no direct air links had been set up across the Taiwan Strait. However, since then, ties had improved with direct cross-Taiwan Strait flights having been launched, thus diminishing the need for Yangtze's services. Yangtze River Express, established in 2002, owns a fleet of 18 planes, operating domestic cargo flights and serving destinations in the US and Europe.