Hainan Airlines names new Chairman and President. Xinhua Airlines to become wholly-owned subsidiary

Hainan Airlines has named a new executive team and Chairman ahead of a highly anticipated listing of HNA Group's aviation arm, Grand China Air. The reshuffle comes as Hainan Airlines reveals plans to invest CNY1.08 billion (USD169 million) to acquire a 32.41% stake in China Xinhua Airlines from Grand China, according to reports in the local media. [670 words]

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This report contains the following subheadings:

• New Chairman and President
• Xinhua Airlines agreement likely to accelerate Grand China Air's group listing
• Xinhua Airlines reported net profit of USD22 million on revenues of USD174 million in 1Q2011

This report contains the following charts and tables:

• China Xinhua Airlines fleet profile: Aug-2011