Hong Kong Airlines President Yang Jianhong reportedly stated Grand China Airlines, parent of Hainan Airlines, and Hong Kong Airlines, 45% controlled by Hainan Airlines, plan to raise a combined HKD15 billion (USD1.9 billion) in an IPO in Hong Kong in 2011 (South China Morning Post/Reuters/Shanghai Daily, 23-Nov-2010). Grand China Airlines reportedly plans to raise more than HKD10 billion (USD1.3 billion) in 1H2010 while Hong Kong Airlines is selecting underwriters for a planned HKD5 billion (USD644 million) IPO in 3Q2011. Mr Yang stated the application for Hong Kong Airlines to list as a "red chip" or overseas registered Chinese company, had been approved by the State Council. Grand China, which postponed a share sale plan two years ago due to the global economic crisis, is also the parent of China Xinhua Airlines, Shanxi Airlines and Changan Airlines. Hong Kong Airlines, which operates a fleet of 18 aircraft, plans to use the proceeds of its IPO to fund aircraft acquisitions with 33 widebody Airbus aircraft on order.
Hong Kong Airlines and Grand China Airlines plan USD1.9bn IPO
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