Ningbo Airlines was incorporated on March 25 with a registered capital of RMB one billion. The airlines’ parent company, Ningbo Donghai Industrial Investment, advertised for recruitment on Ningbo Daily on March 23.
The recruitment advertisement states that Ningbo Donghai Industrial Investment is part of a joint venture of Ningbo Municipality Government and HNA Group. The JV encompasses Ningbo Airlines, Ningbo Civil Aviation and Ningbo Cargo Airlines, and will venture into logistics, finance, insurance and real estate rental. It will also set up an investment fund and develop tourism and airports.
Ningbo Donghai Industrial Investment has a registered capital of RMB 6 billion, of which the municipality government contributed 40% and HNA Group contributed 60%. (Translated by Jerry)
