TMTPOST—China’s Wangwang Group has announced a related-party transaction, with its subsidiary, Tianjin Xiangwang Consulting Services Co., purchasing an Airbus A318-112 business jet for $19.4 million from Planet Media Limited. Planet Media Limited is linked to Tsai Eng-Meng, the Chairman, CEO, and Executive Director of Wangwang Group, who is also the company’s ultimate controlling shareholder. According to Wangwang, the group operates 420 offices and 34 production bases across China, necessitating frequent travel by management to oversee operations. As the company continues to expand into international markets, management anticipates even more frequent trips abroad. The board believes that acquiring an aircraft will enhance operational efficiency and align with the group’s business interests.