China's Hainan Airlines has received conditional approval from regulators for a share placement on the Shanghai stock exchange.
The carrier will make an announcement after formal approval is given, says Hainan.
It announced in May that it will issue 595,238,094 mainland-listed A-shares at 5.04 yuan per share to raise 3 billion yuan ($439 million).
Hainan will issue the shares to state-owned enterprise Hainan Provincial Development Holding and the carrier's parent HNA Group.
The airline plans to use the funds to repay bank loans and supplement current capital, it said in May.
Source: Air Transport Intelligence news