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Grand China Airlines, China's fourth-largest airline, is likely to be unveiled and listed overseas this year, according to Chen Feng, board chairman of Hainan Airlines.

 

"The possibility to go public this year is very high," he told China Daily on the sidelines of the annual session of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

 

Hainan Airlines Group, parent company of Hainan Airlines Co Ltd, has obtained approval from the General Administration of Civil Aviation of China, the country's civil aviation regulator, to establish a new carrier by merging Hainan Airlines and its subsidiaries: Xinhua Airlines Co, Chang'an Airlines Co and Shanxi Airlines Co.

 

The new carrier, Grand China Airlines, temporarily named Xinhua Shareholding Co Ltd, aims to get listed overseas to raise funds for further development.

 

By June last year, Xinhua Shareholding raised more than 3 billion yuan from domestic and international investors, including the Hainan provincial government, international investor George Soros and Hainan Airlines Group.

 

Xinhua Shareholding has already replaced Soros as the biggest shareholder in Hainan Airlines with a private share placement in June last year.

 

"We are discussing a listing plan, but there is still no timetable at this stage," Chen said.

 

But he said he expected the company to raise between 4 billion yuan and 5 billion yuan when it gets listed.

 

Li Lei, an analyst with the CITICS China Securities, said the integration and merger are part of a plan to raise capital and sell stakes in Hong Kong as the airline plans to acquire more aircraft and expand its network.

 

The funds raised will help Grand China Airlines to compete with the country's big three airlines Air China Ltd, China Eastern Airlines Corporation and China Southern Airlines Co he said.

 

Chinese airlines are expanding rapidly thanks to the rising incomes and trade growth, which generate increasing demand for leisure and business travel.

 

Hainan Airlines, which operates 500 routes, is mainly a domestic carrier but also flies to foreign destinations, including Bangkok, Singapore, Kuala Lumpur, Osaka and Budapest.

 

Hainan Airlines Co Ltd has A and B shares trading on the stock market.

 

For its expansion, Hainan Airlines inked a $2.7-billion deal with Brazilian aircraft manufacturer Embraer to buy 100 planes. Deliveries will begin this year.

 

Analysts believe the deal will push forward the development of regional air transport market in China.

 

(China Daily March 6, 2007)