HNA Group went on a $50B global shopping spree — then collapsed under the debt

HNA Group, a Chinese conglomerate that began as a regional airline, embarked on one of the most aggressive global acquisition sprees in corporate history. Between 2015 and 2017, HNA spent over $50 billion acquiring stakes in Hilton Hotels, Deutsche Bank, Ingram Micro, and dozens of other companies across aviation, logistics, finance and technology.

The spree was funded by massive borrowing, much of it opaque and interconnected. When Chinese regulators began tightening capital outflows and scrutinizing overseas acquisitions in 2017, HNA's funding dried up. The company was forced to sell assets at a loss, but the debt was too large and too complex to unwind.

In January 2021, HNA Group filed for bankruptcy restructuring with over $300 billion in liabilities, one of the largest corporate collapses in Chinese history. The case became a cautionary tale about debt-fueled global expansion and the risks of opaque corporate structures.