HNA revenue set to soar

China's fourth-largest airline, HNA Group Co, expects annual revenue to soar to more than $70 billion by 2020, its chairman said on Sunday.

The group, which celebrated its 20th anniversary in April, aims to fly into the top 100 on the Fortune Global 500 list, said Chen Feng, chairman of the group.

The annual revenue of the 100th-biggest company was $76 billion, according to Fortune magazine's list in 2012.

"Our long-term target is to make the top 50 on the list by 2030," Chen added.

HNA Group earned 120 billion yuan ($19.46 billion) in revenue in 2012, up 44 percent year-on-year, and its total assets reached 500 billion yuan in 2012.

The group's overseas assets continue growing, despite the bleak global outlook.

Overseas assets accounted for more than 21 percent of the group's total, contributed 10 percent to the group's annual revenue in 2012 and will soon account for about 40 percent of the group's revenue, said Tan Xiangdong, a director of HNA Group.

Acquisitions over the last two years have boosted assets.

In 2011, the group acquired GE SeaCo, the world's fifth-largest container-leasing enterprise, for $1.05 billion, its largest overseas deal.

It also purchased a 48 percent stake last year in Aigle Azur, the second-largest airline in France.

"Acquisitions boost our internationalization strategy," Chen said.

"The global financial crisis has presented opportunities," Chen said.