To hear HNA Group chief executive Adam Tan tell it, the Chinese company he runs is on top of the world. After a ferocious deal spree, the sprawling conglomerate that started out as a domestic airline operator on the island of Hainan has climbed to 170th on the Fortune 500 list of the world’s biggest companies.
To celebrate the occasion, HNA on Monday invited politicians including former UK prime minister David Cameron and former French president Nicolas Sarkozy to a celebration near Westminster, a prelude to an evening banquet at Hampton Court Palace. The company debuted on the list in 2015 at number 464.
But HNA’s stunning ascent has been dogged by questions about its opaque ownership structure and questions about its financing. In a remarkable concession, the company on Monday revealed that its official shareholding had not reflected its true ownership.