Hainan Airlines has signed a Memorandum of Understanding (MOU) valued at $4.2 billion U.S with CFM International, a 50/50 joint company between GE and Safran Aircraft Engines for the purchase of LEAP-1A engines to power 55 Airbus A320neo aircraft, along with a long-term support agreement for Hainan Airlines Holding and its affiliates. The MOU was signed by Bao Qifa, Executive Chairman and CEO of Hainan Airlines Holding and Philippe Petitcolin, Chief Executive Officer of CFM parent company Safran.