After this transaction, Accor still owns a 3.3% stake in Huazhu and continues to be represented at the Group’s Board of Directors.
The ruling, which covers regional carriers Air Changan, Fuzhou Airlines, Grand China Air, GX Airlines, Lucky Air, and Urumqi Air, could have a significant impact on overall fleet size.
Net loss was $224 million in the fourth quarter ended Dec. 31, compared with net income of $175 million a year earlier.
The move was part of a plan to dispose of the company's debts after its creditors applied for the company's bankruptcy and restructuring late last month.
The second wave of COVID-19 infections in the fourth quarter of 2020 has materialized in most countries where the company operates.
The appointment of Mr. Liu is in connection with the closing of transactions between subsidiaries of both JD.com, Inc. and Caissa Sega Tourism last year.
The airline’s passenger turnover plunged 51.6 percent last year from the year before.
The company aims to launch more than 10 stores across the country in 2021.
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