Hna-Caissa Travel Group Co LtdCaissa Tourism's subsidiary stake in HNA Beverage is being auctioned due to a bond payment guarantee dispute, indicating legal and financial distress.

A total of 71.999 million shares in HNA Beverage held by Shijia Beverage, a controlled subsidiary of Caissa Tourism, will be put up for judicial auction. The stake accounts for 89.99875% of HNA Beverage's total share capital, with a starting price set at 31.1254 million yuan, about 20% below the appraised value of 38.9068 million yuan. The auction stems from a bond payment guarantee dispute between the company and HNA Finance. The Hainan First Intermediate People's Court will conduct the public auction on the Taobao judicial auction platform from August 3 to 4, 2026. Caissa Tourism has reported six consecutive years of negative net profit after deducting non-recurring items from 2020 to 2025. In 2025, it achieved operating revenue of 799 million yuan and net profit attributable to the parent company of 28.0013 million yuan, but net profit after deducting non-recurring items was negative 144 million yuan, with total non-recurring gains and losses reaching 172 million yuan, mainly from debt restructuring gains.
Hna-Caissa Travel Group Co LtdCaissa Tourism's subsidiary stake in HNA Beverage is being auctioned due to a bond payment guarantee dispute, indicating legal and financial distress.
Nearly 90% of HNA Beverage's shares held by Caissa Tourism's subsidiary are being judicially auctioned due to a guarantee dispute.
HNA Finance is the creditor in the bond payment guarantee dispute, and the court-ordered auction of the collateral supports its claim.