[Hong Kong Airlines Crisis] Zeng Chuan Consortium to Become White Warrior Tang Yingnian: Will Not Participate in Hong Kong Airlines Transactions

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Written by: Chen Shuxia

2019-12-02 19:28

The financial crisis of Hong Kong Airlines continued, and the Air Transport Licensing Authority intervened and urged it to improve its financial situation. Otherwise, it will be decided. This will be decided before Saturday (7th). In July this year, it was rumored that a China-Hong Kong consortium composed of companies under the CITIC Group, the state-owned enterprise Wuxi Transportation Industry Group and the Tang Yingnian family was negotiating to purchase Hong Kong Airlines, but there has been no latest news. Tang Yingnian responded to "Hong Kong 01" inquiries through a spokesman today (2nd) and stated that he would not participate in transactions related to Hong Kong Airlines.

Hong Kong Airlines is struggling with financial difficulties. The Air Transport Licensing Authority today decided to attach two new conditions to its company license to urge it to improve its financial situation, otherwise it will need to be licensed. (Profile picture)

Hong Kong Airlines is struggling with financial difficulties, and policy changes have occurred one after another in the past week, including suspension of some routes, suspension of in-flight entertainment system services, and delay in the distribution of food to employees. In fact, since Hong Kong Airlines plunged into a major shareholder dispute this year, its finances have not recovered. As of mid-July this year, there was news in the market that a China-Hong Kong consortium composed of companies under the CITIC Group, the state-owned enterprise Wuxi Transportation Industry Group, and the Tang Yingnian family was interested in buying Hong Kong Airlines. Comment. "

Almost half a year later, in a reply today through a spokesman, he stated that he would not participate in the transactions of Hong Kong Airlines, which means that he will not inject capital into Hong Kong Airlines, and Hong Kong Airlines needs to look at the remaining white warriors.

Tang Yingnian responded to "Hong Kong 01" inquiries through a spokesman today (2nd) and stated that he would not participate in transactions related to Hong Kong Airlines. (Profile picture / Photo by Li Zetong)

The Air Transport Licensing Authority has issued a statement saying that it has once again called on the management of Hong Kong Airlines last Friday. Taking into account the latest financial situation, it is believed that the financial problems of Hong Kong Airlines have rapidly deteriorated to severely affect the employer's liability to pay salaries and the possibility of continuing to provide aviation services. The situation is extremely worrying, and it was decided to attach two new conditions to its company license, including the injection of specified funds, and the promotion and maintenance of cash to a reasonable level. If Hong Kong Airlines fails to improve by the deadline, the authorities may revoke or temporarily revoke the license, and the decision will be announced on or before this Saturday.

When meeting with the media on the same day, Chen Fan, director of the Transport and Housing Bureau, said that the situation of Hong Kong Airlines had been followed up in a timely manner. The Bureau had met with its management 12 times before and after. The Civil Aviation Department also inspected every two days to ensure that its aviation safety was not affected. The airline has resolved the financial problems positively and as soon as possible. It also emphasized that the Hong Kong Government has made relevant arrangements and will initiate arrangements when necessary to deal with special circumstances.

A spokesperson for Hong Kong Airlines responded that it was aware of the new conditions attached to its license by the Air Transport Licensing Authority today. At present, daily operations are as usual, and it is actively communicating with shareholders and other stakeholders to meet the latest requirements of the Air Transport Licensing Authority and will continue to serve customers. Provide professional services.

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