30-Mar-2015 10:58 AM

Yunnan Hongtu Airlines receives preliminary CAAC approval

CAAC stated (26-Mar-2015) its Southwest Regional Administration has awarded preliminary approval to the establishment of Yunnan Hongtu Airlines, which will be based at Kunming Changshui International Airport. Yunnan Hongtu Airlines will be authorised to operate domestic passenger and cargo services using A320 aircraft. The start-up is a JV between a consortium of six Yunnan-based companies and business person Tang Longcheng. The start-up will have a registered capital of CNY600 million (USD93.8 million), in which five of the companies will each have a 10% shareholding. Kunming Evergreen Financing will hold the largest stake (30%) with a CNY180 million (USD28.1 million) investment, while the remaining 20% will be contributed by Mr Tang. [more - original PR - Chinese]

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