Hainan Airlines 737-800. By Rob Finlayson Hainan Airlines (HU) has reduced the price of its additional share offerings from CNY6.42 per share in the Shanghai Stock Exchange to CNY4.84 per share to raise CNY8 billion ($1.28 billion) to pay off a bank loan of CNY6.08 billion and increase its cash flow. The debt resulted from the rapid business expansion of its overseas merger and acquisitions (M&A) activities (ATW Daily News, July 15, 2011). HU’s bank debt has increased from ...

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