China’s aviation and real estate conglomerate HNA has increased its stake in Deutsche Bank AG to 9.92%, overtaking Blackrock as the biggest shareholder, Bloomberg reported Wednesday.

HNA Group Co., which holds the stake via investment vehicle C-Quadrat, initially reported a 3.04% stake in the Germany’s biggest lender in February before increasing its holding. The investments came as the bank sought to boost its capital with an 8 billion euros share offering.

HNA has spent $30 billion on deals over the past year, acquiring stakes in Swiss duty-free operator Dufry, Singapore logistics provider CWT, and hotel chain Hilton Worldwide Holdings.