hase Two: Hedging against Future Crisis
First, we refined our core products. Second, we sold off assets to increase liquidity. Third, in management structures, we kept emphasizing culture. . . . Every time a global crisis hit in China, we saw it coming and were able to prepare in advance.
— Chen Feng
If a company wants to transform into something bigger and stronger, it must develop from tightly-knit to scattered, from passive to active. It must maintain a balance between cohesion and diversification, achieving ‘one spirit, different bodies.’
— Wang Jian
Just as Hainan Airlines completed its foundation for development, it was hit by three major external crises. In 1997, the Asian financial crisis upset the economies of many of China’s neighbors. Although China emerged from the crisis largely unscathed, the experience raised the specter of financial crisis and currency devaluation in China. In 2001, the September 11th attacks on the United States changed the global airline industry overnight.
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