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HNA Group, H&Q Raising $760M Fund

Chinese airline group HNA Group and private equity firm H&Q Asia Pacific plan to raise up to $760 million in private equity funds, Reuters reported, citing a company press release. HNA’s Shanghai Grand China Investment Management Co. and H&Q will invest the funds in China’s logistics and consumer sectors, including transportation, shipping and warehousing companies, Reuters reported.

(Reuters) – HNA Group, China’s fourth-largest airline group, and Asian private equity firm H&Q Asia Pacific, agreed to raise up to RMB5 billion ($760 million) in private equity funds, the companies said in a statement on Wednesday.

HNA’s Shanghai Grand China Investment Management Co and H&Q will invest the funds in China’s logistics and consumer sectors, including transportation, shipping and warehousing companies.

H&Q will invest in the funds as a general partner.

HNA Group, the parent of Hainan Airlines Co Ltd , has 11 airlines and invests in airports, hotels and other businesses. ($1 = 6.561 Chinese Renminbis) (Reporting by Stephen Aldred; Editing by Denny Thomas)