Financial Round Up
Spring IPO approved
December 16th 2014
Privately-owned Chinese low-cost carrier, Spring Airlines, has received formal approval from the China Securities Regulatory Commission to float an initial public offering (IPO) on December 22 to fund its rapid fleet expansion. Read More »
The carrier is aiming to raise 1.76 billion yuan ($285.2 million) on the Shanghai Stock Exchange to purchase nine Airbus A320s and three A320 simulators. It did not specify why it had reduced its previous fundraising target of 2.5 billion yuan set in April.
Spokesperson Zhang Wu’an said Spring’s net profit is expected to climb more than 10% this year, despite a slowdown in China’s economic growth. This is due to the robust growth of market demand on international routes and high load factor of its SpringPlus premium cabin.
