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Spring Airlines founder hands control to family scion
March 7th 2024
Wang Zhenghua, who established Spring Airlines, has handed his 31.4% holding in Chunqiu International Travel Agency Group to his oldest son, Wang Yu, Yicai Global reports. Read More » The privately held travel agency owns Spring Airlines. Following the transfer, Wang Yu will have a 53% share in Chunqiu, Wang Zhenghua 1% and Wang Wei, the founder’s second son, near 11%. Wang Yu also is a director of the company. Wang senior will retain an interest in the business by continuing as its chair and his second son, a director of the airline, will run the company’s tourism arm. Wang Yu has been the chairman of Spring Airlines, founded in 2004, since his father stepped down seven years ago. “My son is doing quite well,” said 79-year-old Wang, and added he is pursuing different business interests including the study of the metaverse, blockchain and scenic spot management in his retirement.
