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Air China Approves Second Capital Injection for Shenzhen Airlines; Shares Down 4%

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Air China (HKG:0753, SHA:601111) agreed to contribute 6.1 billion yuan in the second tranche of a capital increase for its subsidiary, Shenzhen Airlines, according to a Hong Kong filing on Saturday.

Shenzhen Airlines plans to raise a total of 16 billion yuan, with the second tranche amounting to 11.9 billion yuan.

Meanwhile, Shenzhen Kunhang Investment Partnership (Limited Partnership) will contribute 5.84 billion yuan to Shenzhen Airlines.

Air China's contribution will consist of five Airbus A350 aircraft and cash.

Following the capital increase, Air China will remain the controlling shareholder of Shenzhen Airlines with a 51% stake.

Air China's Shanghai-listed shares fell 4%, while its Hong Kong shares dropped 3% during recent trade.

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