In 2017, HNA Group acquired CWT, a Singapore logistics company, and successfully responded to the “One Belt, One Road” and “going out” policies to expand overseas and received unanimous praise. However, in 2019, trading of the company’s stocks after mergers and acquisitions was suspended for a long time, and the trend of HNA Group’s stocks and bonds was not good. Public evaluations fell, the corporate image was damaged, and negative rumors were even repeated. This article uses the event research method to analyze the merger case, calculates the cumulative excess income of the main merger during the merger and analyzes financial data, and explores the impact of the merger on the main merger and the issues that enterprises should pay attention to.