Conglomerate HNA Group has disclosed its ownership structure for the first time following questions over its opaque shareholding and the Chinese government clampdown on overseas acquisitions. The company, based in the Hainan provincial capital of Haikou, has expanded since its founding in 1993 with just four aircraft to almost 2,000 planes under operation and management. In the process, it also went on a global buying spree, owning CNY1 trillion of assets, including stakes in Hilton Worldwide Holdings and Deutsche Bank. In a statement on July 24, HNA said it counted Hainan Province Cihang Foundation, Hainan Cihang Charity Foundation, 12 individual shareholders and Hainan Airlines Holding as its shareholders. Businessman Guan Jun, mentioned in a June 2 Financial Times article as among the company’s shareholders, was not listed. In an interview with the South China Morning Post last month, HNA Founder Chen Feng said Guan “holds a tiny stake in the company” but was not a significant shareholder. The two charities own 52% of HNA collectively. One is set up in New York and the other is established under the Hainan provincial government. Chen and HNA co-founder Wang Jian are Directors of Hainan Province Cihang Foundation. According to the statement, Chen and Wang hold the highest stakes with 14.98% each. The statement also said Guan had donated the shares to the charity and no longer holds any stake in the company. HNA said in the statement that while it is a private company with no obligation to disclose its ownership, it would “respect and appreciate the desire for transparency in this regard”.

Three Chinese banks, who were among the eight largest providers of credit lines to HNA as of 2015, have decided to stop extending new loans to HNA. A dearth of fresh credit could further restrain HNA’s ambitions as Chinese regulators clamp down on offshore deals to stem capital outflows and shore up the yuan, the South China Morning Post reports. HNA, which has announced more than USD40 billion of acquisitions spanning six continents since the start of 2016, said its financial position remains “strong” and noted that its debt-to-asset ratio decreased for a seventh straight year in fiscal 2016. HNA reported CNY172.5 billion of cash and cash equivalents at the end of last year. It also disclosed CNY493.7 billion of debt and said it had CNY611 billion of committed credit lines from banks, of which around 40% was unused.