HNA Group is the most acquisitive Chinese conglomerate in China. Through acquisitions, the group quadrupled its size and made its debut on the Fortune 500 list as the world’s 464th biggest firm in terms of revenue. And it aims higher: becoming one of the top 10 by 2025 with holdings of $5–6 trillion in assets—more than double the assets held today by JPMorgan, the biggest bank in the United States. What is its business model like? How did the Group, which started as a small regional airline company in China’s southernmost island, with only two jets, make it? What are the risks behind the buying spree?