Moondog, I have great respect for you and all your contributions across the forums. But this is one point we have been through multiple times and I must say is misleading - sure, HNA is not "state owned", technically, but there is no question that the Chinese government has the final say on any important decisions, should it wish to intervene. There is no question on that. Doesn't matter if its Huawei or Tencent or Alibaba, just because it is not technically "state owned" (e.g. not fully controlled by the government), doesn't mean the Chinese government does not have absolute control whenever and however it sees fit. If you decide to not play ball, just take a look at Xiao Jianhua and his Tomorrow Group.

It is an important point to make clear. Textbook definitions will confuse those not familiar with the situation.