Looks like this may be the second airline to fall in 2020.
Hainan Airlines and the HNA Group have been struggling financially for years.
Now, due to the coronavirus, the airline has been forced to significantly scale back its network.
Rumors are circulating within Chinese media (Weibo) that Hainan Airlines will be taken over by Air China. It’s unconfirmed if Air China will liquidate Hainan Airlines or keep it as a separate brand (likely the first one).
(Image by @pekflyer on Twitter)
An early sign of this is China is planning to take over the HNA Group (parent company of Hainan Airlines) and sell off the assets: https://news.bloomberglaw.com/mergers-and-antitrust/china-said-to-near-takeover-of-hna-group-as-virus-hits-business
Official news on the situation is expected to be announced in the coming days.