The Shandong Province People’s Higher Court has frozen HNA Group's and Grand China Air's shares in Hainan Airlines Holdings following a dispute between the two shareholders and Shandong-based Guotai Leasing.
A stock market filing did not go into details about the case stating only that Grand China Air and HNA Group were actively negotiating with Guotai Leasing to resolve the issue as quickly as possible.
Hainan Airlines said the share freeze, which went into effect on March 14 and runs until March 13, 2022, has not had any substantial or significant impact on its control, routine operation, and management.
Grand China Air currently owns a 24.28% stake in Hainan Airlines while embattled HNA Group owns 3.53%.
