Photo taken on May 3, 2017 in Frankfurt, Germany shows the tower of the Deutsche Bank. (Xinhua/Luo Huanhuan)

FRANKFURT, May 3 (Xinhua) -- By raising its stake to 9.92 percent in Deutsche Bank, China's conglomerate HNA Group has become the top single shareholder of the largest German commercial bank headquartered in Frankfurt, according to a filing by investment entity C-Quadrat which manages HNA Group's stake in Deutsche Bank.

Based on Tuesday's closing price, the share of the DAX bank held by HNA Group is currently worth around 3.4 billion euros (3.71 billion U.S. dollars).

The Supervisory Board of Deutsche Bank announced in March that it would submit a proposal for the Annual General Meeting on May 18 for two new members to be elected to the Supervisory Board, including Alexander Schuetz, founder and chief executive officer of C-Quadrat, on behalf of HNA Group.

HNA Group, headquartered in the southern Chinese city of Haikou, which started as a regional airline in early 1990s, has now transformed itself into a holding company with a wide range of business, owning the fourth largest airline in China, namely Hainan Airlines.