Shanghai Yuyuan Tourist Mart sets up firm to invest in airline cos

Shanghai, China. Source: Denys Nevozhai/Unsplash

Shanghai Yuyuan Tourist Mart Group, one of China’s leading retailing companies, will set up a firm along with affiliates and strategic investors to invest in airline companies, it said on Wednesday.

Shanghai Yuyuan is controlled by a unit of Fosun International, a Chinese conglomerate with businesses in financial, property, healthcare industries.

The new entity will be called Yuyuan Aviation Industry Limited Partnership with a combined capital injection of no more than 40 billion yuan ($6.2 billion), Shanghai Yuyuan said in a stock filing.

Yuyuan‘s announcement came as the bankrupt HNA Group is looking for private capital to avoid liquidation. HNA Group‘s flagship business is Hainan Airlines, China’s fourth-largest airline.

Private Chinese carrier Juneyao Air last month said it is setting up an investment firm with a combined capital injection of a maximum of 30 billion yuan, and financial magazine Caixin said the new company is bidding for bankrupt HNA Group‘s airline assets.

Like Juneyao, Shanghai Yuyuan did not mention whether the new firm will invest into Hainan Airlines, but warned returns may not reach expected levels even if the investment has been successful.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.