Shenzhen International Holdings is planning to raise its stake in Shenzhen Airlines by 24 percentage points for 788.63 million yuan ($121.5 million). The move by Chinese logistic facilities investor is a bid to tap growing demand for domestic air transportation as Chinese consumption increases.
In a filing to the Hong Kong bourse, Shenzhen International said its wholly-owned Shenzhen International Total Logistics (Shenzhen) Co would buy the equity stake in Shenzhen Airlines from Shenzhen Huirun Investment Co, raising its share in the Chinese airline to 49% from 25%.
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