HNA Group buys 60pc stake in local express company

HNA Group, parent company of Hainan Airlines, the largest private air carrier China, has acquired 60 per cent stake in TTK Express, a local express company, to launch itself into the express industry, Logistics Week reported.

This is the first substantial step taken by the HNA Group in materialising its strategy to expand itself in the logistics industry.

TTK is one of the largest privately owned express provider in China, having a network covering more than 3,000 distribution spots. It has branch offices in Nanjing, Hangzhou, Shanghai, Wuhan and Beijing.

With acquisition of stake in TTK, HNA Group now has five ocean carriers, one air carrier, one ground transportation company, one terminal operator and one vessel management company.

It is reported that HNA Group has been visiting a number of express company in China to familiarise itself with the industry and seek possible merger besides buying TTK. The group has prepared CNY2.5 billion (US$366.2 million) for the plan to break into the express industry, including capital for acquisition and later investment.

Source: www.schednet.com