JV Jiangxi Airlines gets CAAC approval and US$319 million investment
The establishment of Jiangxi Airlines with RMB2 billion registered capital has been approved by the CAAC East China administrative bureau.
The establishment of Jiangxi Airlines with RMB2 billion (approx: US$319 million) registered capital has been approved by the Civil Aviation Administration of China’s (CAAC) East China administrative bureau.
Jiangxi Airlines is a joint venture of Xiamen Airlines and Jiangxi Airlines Investment.
Xiamen Airlines is registered in Xiamen, Fujian province, with RMB5 billion (approx: US$ 799 million) in registered capital. Its main operations are domestic (including Hong Kong, Macau and Taiwan) and international passenger flights.
Jiangxi Airlines Investment is registered in Nanchang, Jiangxi province, with RMB400 million (approx: US$64 million) registered capital. Its main operations are airline investment, aircraft leasing and procurement and property development.
Xiamen Airlines will invest RMB1.2 billion (approx: US$192 million) for a 60% stake and Jiangxi Airlines Investment will invest RMB800 million (approx: US$128 million) for a 40% stake in the JV.
Xiamen Airlines’ Nanchang branch director Lexi Wang will be in charge of setting up the JV while the branch’s deputy director will head flight operations, and aircraft maintenance department director Jun Yang will be in charge of ground operations.(Translation by David)