BEIJING - Private Chinese carrier Juneyao Air announced it is setting up an investment firm with strategic investors to invest in airlines, and financial magazine Caixin said the new company is bidding for bankrupt HNA Group's assets.

Juneyao said in a securities filing on Thursday its investment arm Shanghai Juneyao Aviation Investment Co and strategic investors with whom it has a long partnership will set up Shanghai Jidaohang Aviation Technology Partnership Enterprise to be capitalised at a maximum 30 billion yuan ($4.64 billion).