Air China Limited (601111.SH) announced that its subsidiary Shenzhen Airlines plans to raise RMB 16 billion in equity financing, to be implemented in phases. Air China will subscribe to the financing in proportion to its shareholding, with a total investment not exceeding RMB 8.16 billion.
On November 6, 2025, Shenzhen Airlines received a Letter of Intent from the Shenzhen United Assets and Equity Exchange confirming Kunhang Investment Partnership (Limited Partnership) as the sole qualified investor.
On December 18, Air China, Shenzhen International Qianhai Logistics Co., Ltd., Kunhang Investment, and Shenzhen Airlines signed an investment agreement. Kunhang Investment will inject RMB 2 billion into Shenzhen Airlines, subscribing to RMB 1.956 billion in new registered capital and acquiring a 20.9134% stake post-investment. The payment will be made in a lump sum.
Air China will simultaneously participate in the first-phase capital increase via a private placement at the same price as Kunhang Investment. The company agreed to invest RMB 2.082 billion, subscribing to RMB 2.035 billion in new registered capital, retaining a 51% stake post-investment. The payment will also be made in a lump sum.
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