On 27 June 2006, Hainan Airlines secured a 45 percent holding in the airline, by purchase of convertible notes held by Yu Ming Investments, which was to be injected into its new airline holding company Grand China Air. Two months later, Mung Kin-keung () acquired the remaining 55 percent of the airline and became the controlling shareholder on 7 August; and its director on 13 August. Mung's previous main business interest had been a 30 percent holding in Banana Leaf (Asia Pacific) Catering Group Company Ltd, a restaurant operator.