Hainan Airlines plans to invest CNY1 billion in Fuzhou subsidiary
Hainan Airlines A330-200.
Hainan Airlines (HU) plans to invest more than CNY1 billion ($159 million) in its new subsidiary, Fuzhou Airlines, to be launched in conjunction with the Fuzhou provincial government.
According to an industry insider, HU would be the controlling stakeholder with a 60% stake. The Fuzhou provincial government, represented by Fuzhou National Assets Investment Holding Co., would hold a 20% stake and the other two unidentified companies would each hold a 10% stake.
There is no specific timetable for the launch, which needs approval from the Civil Aviation Administration of China.
A company insider said HU hopes to increase its routes between East China and West China through the new venture.
Xiamen Airlines dominates Fuzhou market with a 50% market share.
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