Hainan Airlines has revealed in a regulatory filing that it is planning to raise up to 24 billion yuan in a private placement to fund its fleet expansion and increase its stake in Tianjin Airlines, its sister airline. The carrier will issue not more than 6.6 billion shares to up to 10 institutional and individual investors.
HNA Group has committed to subscribe to 30-40% of the new shares, while the Hainan government will dilute its stake to 22.6% from 34.8%, retaining its controlling share.