Core Viewpoint - The acquisition of Hainan Meilan International Airport by Hainan Airport is a strategic move to enhance the airport's core business and capitalize on the opportunities presented by the Hainan Free Trade Port's development, aiming to create a robust aviation hub and improve investor returns [1][3][12]. Group 1: Acquisition Details - Hainan Airport announced the acquisition of 50.19% of Hainan Meilan International Airport for 2.339 billion yuan, with plans for a comprehensive takeover to maintain its listing status [1][4]. - The acquisition is expected to consolidate core assets and optimize aviation resource allocation, potentially reshaping the airport industry in Hainan and China [3][4]. Group 2: Operational Synergies - The merger will allow for unified management of Hainan's three major airports, increasing annual passenger throughput to over 50 million, enhancing the region's status as a significant aviation hub [4][9]. - The integration will eliminate related party transactions, improve operational efficiency, and enable coordinated route planning to reduce competition among airports [6][9]. Group 3: Financial Implications - Post-acquisition, Hainan Airport's revenue from airport management is projected to exceed 60%, facilitating a shift from real estate to aviation transportation classification [7][12]. - Hainan Meilan International Airport will benefit from improved financial stability, allowing for infrastructure upgrades and better credit ratings, which will lower financing costs [8][12]. Group 4: Strategic Development - The acquisition aligns with the Hainan Free Trade Port's goal of enhancing infrastructure control and facilitating smoother customs operations [9][10]. - Future developments will focus on diversifying business operations, including low-altitude economy, aviation logistics, and high-end manufacturing, leveraging the strengths of both airports [10][11]. Group 5: Market Positioning - The merger positions Hainan Airport to become a key player in the national aviation market, enhancing its competitive edge and ability to attract international business [9][12]. - The strategic focus on airport operations and duty-free business is expected to create a unique flow entry point for the Hainan Free Trade Port, maximizing policy benefits [11][12].