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Hainan Airlines to merge before overseas IPO
click rate:2313 issue time:2007-03-10 08:12

Mar. 7, 2007 (China Knowledge) – Hainan Airlines <600221>, China’s fourth-largest carrier, would merge with its subsidiaries and list overseas later this year, according to state media on Tuesday.

Subsidiaries, including Xinhua Airlines, Chang’an Airlines and Shanxi Airlines Hainan Airlines will be included in the merger, resulting in Grand China Airlines, which then will be listed to raise up to RMB 5 billion. Proceeds will be used to purchase more aircraft and expand its network.

The exchange that the company intends to list in, however, was not mentioned.

The Haikou-based airline operates nearly 500 domestic routes in more than 80 major Chinese cities, as well as to international destinations, including Bangkok, Singapore, Kuala Lumpur, Osaka and Budapest.