According to HNA Group, the former largest shareholder was an overseas person named "Guan Jun". On the eve of the public shareholding structure, he transferred all his shares in HNA Group to a newly established overseas charity fund, namely Hainan Cihang Charity Foundation Co., Ltd., which further proved the foreign capital status of HNA Group. HNA did not explain why the largest shareholder transferred all its shares to a charity fund.
In a word, HNA, whether a major shareholder or a holding company, is not a government or an official institution or enterprise, but a private enterprise with internal and external partnerships.