Hainan Airlines Group (HNA Group) has received approval from the China Banking Regulatory Commission for its financial leasing subsidiary Wanjiang Financial Leasing Co to start business operations.

The company is registered in Wuhu City, Anhui province, and has a registered capital of RMB3bn. It is the 18th financial leasing company to start up in China, and the third non-bank financial institution established by HNA Group.

Wanjiang Financial Leasing has three shareholders – Bohai Leasing Co (55%), Wuhu Construction Investment (55%) and Midea Group (12%). HNA Group is a majority shareholder of Bohai Leasing.

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