Hangzhou YTO Express Airlines receives preliminary approval from CAAC

CAAC Southeast Regional Administration issued (17-Jul-2014) preliminary approval for the establishment of Hangzhou YTO Express Airlines, a cargo airline proposed by Shanghai YTO Express Investment (Group) Co Ltd together with two natural persons. The new company will have registered capital of CNY400 million (USD62.5 million) in which YTO Express Group will invest CNY360 million (USD56.3 million) for a 90% stake. Hangzhou YTO Express is licensed to operate domestic (including Hong Kong, Macau and Taiwan) and international cargo air transportation. The new company will be based at Hangzhou Airport operating Boeing 737-300F or 737-400F. Currently, YTO Express Group has hired 10 pilots (including five captains). [more - original PR - Chinese]