HNA Group Company Limited and Azul Brazilian Airlines (“Azul”) today announced a new strategic partnership. HNA Group will make a USD $450 million strategic investment for 23.7% stake in Azul, Brazil’s third largest airline, aiming to benefit from substantial passenger traffic between China and Brazil, which are strong global trade partners.

HNA Group will assume the role of single largest shareholder of Azul, and will appoint new members to the board of directors.Through the partnership, the companies will cooperate in the development of code sharing, new route development, and expand the loyalty participation programs.This global partnership joins together two of the largest players in two of the fastest-growing aviation markets in the world. Azul is the largest airline in Brazil by number of cities served, offering more than 900 daily flights to more than 100 destinations. With a fleet of 145 aircraft Azul operates approximately one-third of the daily departures of the Brazilian aviation market.

HNA Group owns the fourth largest airline group in terms of fleet size in the People’s Republic of China, which operates a fleet of 561 aircrafts. It operates scheduled domestic and international service on more than 630 routes from locations throughout the People’s Republic of China and internationally.