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Tianjin Airlines launched, aspires to be Asia's biggest regional carrier

Published: 08 Jun 2009 23:22:10 PST

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Jun. 9, 2009 (China Knowledge) - Hainan Airlines Co Ltd<600221><900945> and its parent Hainan Air Group (HNA) on Monday launched an airline company with the Tianjin municipal government, aiming to become the biggest regional carrier in Asia, the official Xinhua News Agency reported.

The joint venture (JV), namely Tianjin Airlines Co, has a registered capital of RMB 1.3 billion and is headquartered in Tianjin Binhai International Airport. HNA Group holds an 83.15% stake in the newly-established company, while Hainan Airlines holds a 1.47% stake and Tianjin Port Free Trade Zone Investment Co holds the remaining 15.38% stake.

HNA Group plans to invest RMB 5 billion to RMB 6 billion in Tianjin Airlines to double its fleet size to more than 100 in the next three years and to expand its list of destinations to include more than 100 foreign and domestic cities. The airline plans to carry 15 million passengers annually by 2012, according to Yu Wenyong, chairman of Tianjin Airlines.

HNA last week said that its low-cost branch in Kunming will receive a capital injection of RMB 3 billion from the Yunnan provincial government.

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