Hainan Airlines announced on the 17th of October that its subsidiary Fuzhou Airlines has received a business license to operate as a public air transport company.
Fuzhou Airlines is a joint venture held by Hainan Airlines, Fuzhou State Asset Investment Holdings Co.Ltd, Century Golden Resources Group, and Ningbo Ruitong Internet Technology Co Ltd. Fuzhou Airlines has 2 billion RMB in registered capital as the breakdown of capital investment between the shareholders are as follows:
Investment Company |
Amount of registered capital |
Percentage of registered capital |
Hainan Airlines |
1.2 billion RMB |
60% |
Fuzhou State Asset Holdings Co Ltd |
400 million RMB |
20% |
Century Golden Resources Group |
200 million RMB |
10% |
Ningbo Ruitong Internet Technology Co Ltd |
200 million RMB |
10% |
Fuzhou Changan International Airport will be Fuzhou Airline’s base of operations. Its scope of operations is domestic air passenger and cargo transportation. CAAC has already approved the transfer of three Boeing 737-800 type aircraft from Hainan Airlines to Fuzhou Airlines
Hainan Airlines has always been proactive in forming “local airline” joint ventures with regional governments. In recent years Hainan Airlines attracted local investors to form subsidiaries in Beijing (Beijing Capital Airlines), Chongqing (West Air), Yunnan (Yunnan Lucky Air), and Tianjin (Tianjin Airlines). In the past two years Hainan Airlines has successively negotiated with the Fuzhou Municipal Government and Urumqi Municipal Government to form joint-venture airlines.
(Translation by David)
