Two non-state owned enterprises buy Shenzhen Airlines' equities

The auction of equities of Shenzhen Airlines, which is said to be the biggest property deal in China's civil aviation industry, was sealed on May 23.

Within 20 minutes, two non-state owned companies bought 65 percent of the shares of Shenzhen Airlines at a price of RMB 2.72 billion yuan.

The two companies are Bright Oceans Corporation Co., Ltd. and Huirun Investment Co., Ltd. Their acquisition means a fundamental change in the property ownership of Shenzhen Airlines, turning it into China's biggest non-state owned airline company.

Through the successful transfer, Shenzhen Airlines realized RMB 2.257 billion yuan of net assets value-added at a rate of 487.47 percent.

Shenzhen Airlines was founded in November 1992 and started flights in September 1993. Till 2004, it has been profit-making in ten consecutive years. The equities auctioned this time were formerly owned by a Guangdong-based company.

By People's Daily Online