海南机场拟23.39亿收购美兰空港，背后是“一盘大棋”

Core Viewpoint - Hainan Airport plans to acquire a 50.19% stake in Meilan Airport for RMB 2.339 billion, aiming to become the controlling shareholder and enhance its core competitiveness in the context of Hainan's Free Trade Port development [1][3][9] Group 1: Acquisition Details - The acquisition price is set at RMB 9.85 per share, with the total transaction amounting to RMB 2.339 billion for 237.5 million shares [1][5] - Following the acquisition, Hainan Airport intends to maintain Meilan Airport's listing status and will conduct a comprehensive tender offer for all outstanding shares [1][6] - The acquisition is expected to resolve the issue of intra-industry competition between Hainan Airport and Meilan Airport, which are currently independent listed companies [2][3] Group 2: Strategic Rationale - The acquisition is strategically timed to leverage the upcoming operational closure of Hainan's Free Trade Port by the end of 2025, which is anticipated to enhance Meilan Airport's operational performance [7][8] - Hainan Airport aims to integrate the operations of the three major airports in Hainan, potentially achieving an annual passenger throughput of over 50 million [3][4] - The consolidation is expected to improve operational efficiency and reduce costs, while also enhancing the overall profitability of Hainan Airport [4][8] Group 3: Financial Implications - Hainan Airport's financial performance has been under pressure due to its "de-real estate" strategy, with net profits declining in recent years [3][10] - The acquisition of Meilan Airport, which is currently experiencing losses, could significantly enhance Hainan Airport's financial results once Meilan returns to profitability [3][10] - Post-acquisition, the revenue from airport management is projected to exceed 60% of Hainan Airport's total income, facilitating a shift from real estate to aviation transportation classification [10] Group 4: Future Outlook - The integration of airport resources is expected to create a unique flow entry point for Hainan's Free Trade Port, enhancing the region's attractiveness for international trade and tourism [8][9] - Hainan Airport is actively working to expand international flight routes, with a target of 90 international routes by 2025, which will further attract businesses and enhance the flow of people and goods [8][9] - The acquisition is seen as a necessary step for Hainan Airport to solidify its position as a key player in the aviation sector within the context of the Free Trade Port [9]