Shanghai-based wealth and asset management firm AJ Group has been revealed as one of the investors in a consortium that Juneyao Air (HO, Shanghai Hongqiao) has established to, among other things, acquire the assets of the bankrupt HNA Group.
In a stock market filing, AJ said it would contribute no more than CNY4 billion yuan (USD621.7 million) to the Shanghai Jidaohang Aviation Technology Partnership Enterprise, whose overall war chest will stand at CNY30 billion (USD4.663 billion).
The vehicle was established by Juneyao Air earlier this month by its Shanghai Juneyao Aviation Investment Co. subsidiary and several strategic investors. Aside from AJ Group, Juneyao Air plans to contribute up to CNY5 billion (USD777.13 million) to Shanghai Jidaohang.
AJ and Juneyao Air are both controlled by Juneyao Group.
Last week, Fosun Group's retail unit, Shanghai Yuyuan Tourist Mart Group, said it would partner other investors in establishing its own CNY40 billion (USD6.217 billion) joint venture also aimed at buying up HNA Group airlines. Privately-owned Fosun has reportedly set its sights on Hainan Airlines and various of its subsidiary carriers which include Air Changan, China Xinhua Airlines, Fuzhou Airlines, GX Airlines, Lucky Air (China), Shanxi Airlines, and Urumqi Air.
