HNA Logistics Group will inject CNY915 million ($136 million) into Yangtze River Express to fund the carrier's growth of its eastern China network.
The capital injection will see HNA Logistics will become the largest shareholder in Yangtze River Express with a 35.1% stake, Hainan Airlines says in a disclosure to the Shanghai Stock Exchange.
It will also bring the registered capital of the airline to CNY5 billion.
HNA Logistics is an affiliate of HNA Group, which will hold a 4.9% direct stake in Yangtze. Fellow HNA affiliates Hainan Airlines Group will hold 14.7%; Hainan Airlines11.6%; and Lucky Air 10%.
Jianying Investment will be the second largest individual shareholder, with a 23.7% stake.
In 2015, the previously all-cargo operator applied to the Civil Aviation Administration of China (CAAC) to expand its business scope beyond cargo operations, as it sought rights to operate domestic passenger services from its Shanghai hub.
Flight Fleets Analyzer shows that Yangtze River Express operates a fleet of 19 Boeing 737 freighters, three passenger-configured 737-800s, and three 747-400Fs.
Source: Cirium Dashboard
