HNA Group, the parent company of China's largest private carrier Hainan Airlines, has bought a stake in Fei Hong Logistics Express, a local package delivery firm, after the earlier acquiring TTK Express, Logistics Week reported.
This is another HNA step in realising plans to break into the domestic express market, said the report, adding that the two parties are still in talks on details and also that HNA is looking towards full control of Xin Fei Hong.
Founded in August 2002, Xin Fei Hong offers express services to both domestic and international destinations. It has an extensive network in south China.
After recent years of expansion, Xin Fei Hong's network has covered Hong Kong, Macau, Taiwan, south, north and eastern China as well as part of the south eastern coastal region and south western region.
Before buying Xin Fei Hong, HNA bought 60 per cent stake of another local express provider TTK in early April.
Besides TTK and Xin Fei Hong, HNA is also in talks with other domestic express companies including HTKY, which are among the top 10 express providers in mainland China.
Source : HKSG, 12.05.10.
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