Will the world's top 500 HNA debt crisis break out and become the next LeTV?

It is indeed possible, and the prospects are not optimistic. 20 17 The negative news that Hainan Airlines has fallen into debt problems from its booming overseas expansion. HNA, which ranks among the top 500 in the world with the magic of capital, has also been dragged into the quagmire by capital. HNA Group, which once occupied a corner, has rapidly risen to become one of the largest group enterprises in China in the past 20 years, which has amazed the world. In 20 15, HNA entered the world top 500 list for the first time, ranking 464th. In 20 16, HNA Group achieved revenue of 29.56 billion USD, ranking 353rd in Fortune Global 500, and its assets reached17665438+200 million USD (about10.2 trillion RMB).

In the first half of 20 17, the interest expense of HNA Group reached a record15.6 billion yuan, more than doubling year-on-year. Its short-term debt reached 654.38+0852 billion yuan, exceeding its cash reserves. Long-term debt reached 382.8 billion yuan, and net debt reached 6.5 times that of EBITDA. Half a year later, The Wall Street Journal reported in the month of 20 17 1 1 that the total debt of HNA Group reached about 1000 billion US dollars, of which a quarter was short-term loans. This means that half of Half's 438+0.2 trillion RMB assets are loans, and nearly one quarter of them will expire within one year. A large number of short-term debts have laid a mine for HNA's debt problem.

20 17, 1 1 Foreign media reported that the yield of new dollar-denominated bonds issued by a subsidiary of HNA Group reached 8.875% with a maturity of 363 days, which was nearly three percentage points higher than that of its three-year bonds issued in May. Some of the high-cost, short-term debt swaps that are about to expire are interpreted by the market as a sign that HNA Group is facing liquidity pressure. ?

Standard & Poor's, a rating company, downgraded HNA's credit rating because it was worried that HNA Group would soon have a large amount of debts due and the borrowing cost would rise. Although this is not a formal credit rating, it means that the credit level of HNA is in the "junk" range.