China Southern Airlines Issues A Shares

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Last updated at: (Beijing Time) Thursday, July 10, 2003

China Southern Airlines Issues A Shares

China Southern Airlines Company issued 1 billion A shares on the Shanghai and Shenzhen stock exchanges Thursday to raise funds to purchase new aircraft.

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China Southern Airlines Company issued 1 billion A shares on the Shanghai and Shenzhen stock exchanges Thursday to raise funds to purchase new aircraft.

The shares were sold to institutional and individual investors in the second tier of the markets at 2.7 yuan (0.3 US dollars) pershare.

Most of the revenue will be used to purchase Boeing 737-800 planes along with the necessary on-board equipment, according to an official of the company.

The issuance of A shares has expanded the company's channels for capital influx and improved its capital structure, giving new impetus to the country's development, said Yan Zhiqing, chairman of the board of China Southern.

The company's total capital stock will reach 4.37 billion shares after the issuance, he said.

By the end of 2002, China Southern Airlines had 122 aircraft and 349 operational routes. Its passenger volume surpassed 20 million last year, occupying one-fourth of China's aviation market.Also in 2002, the company became the first Chinese airline to be ranked among the world's top 20 airlines.

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