Spring Airlines to delay IPO to 2012

Spring Airlines announced plans to delay its planned IPO on the Shanghai Stock Exchange from 2011 to 2012 as it attempt to get a higher valuation as the global economy recovers (Dow Jones, 07-Dec-2010). The Shanghai-based carrier had already delayed the planned listing from 2009 due to poor market conditions and significantly reduced travel demand. Chairman Wang Zheng-hua, announcing the decision, said: "We don't want to sell shares at a cheap valuation." He added that the company will use internal resources to finance its aircraft expansion plan. The airline plans to take delivery of seven to eight aircraft in 2011 yo supplement its fleet of 21 A320s.