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Tianjin Airlines was set up on the basis of Grand China Express Co., Ltd., with injections from Tianjin Bonded Zone Investment Co., Ltd. Its registered capital surged from formerly CNY 600 million to CNY 1.3 billion, of which HNA contributes 83.15% or CNY 1.081 billion, Tianjin Bonded Zone 15.38% or CNY 200 million, and Hainan Airlines Co., Ltd. (SHSE: 600221) 1.47%.
Only about two years ago, Grand China Express came into being in Tianjin. With a startup-registered capital of CNY 600 million, the company currently is operating over 90 regional routes in the domestic market. In the future, Tianjin Airlines will not only get more injections from the local government, but also enjoy favorable policies like tariff exemption.
The Chinese government plans to build Tianjin into an economic powerhouse of Pan-Bohai Bay and north China, as well as an international port. However, the passenger, cargo, and mail throughputs of Binhai International Airport have been lagging behind around China. So, the Tianjin government decides to boost its carrying capacity.
It only takes less than half a year for the local government to establish Tianjin Airlines. Wang Fuqiang, deputy director of the managing committee of the Tianjin Free Trade Zone, says that they are also talking with Okay Airways over capital injections.
HNA Board Chairman Chen Feng discloses that Tianjin Airlines will use ERJ145 and E-190 for domestic operation and B767-300 on international routes in the future five years. By 2013, the company will have 30 aircrafts in operation.
HNA also extends reach to Yantai City, Shandong Province. On June 8, Grand China Shipping (Yantai) Co., Ltd. was set up, sponsored by Grand China Logistics Group under HNA and Longkou Port Group. It will be engaged in bulk cargo transportation, container liner operation, shipping management, and seafarer management.
Currently, HNA has three pillar businesses, namely, aviation travel, modern logistics, and financial service. Grand China Logistics Group was inaugurated in March 2009 as its modern logistics platform. The company has five ocean shipping units, one cargo airway, one ground logistics service provider, one terminal operator, and one real estate builder.
The Hainan government is also supporting HNA with specific measures. On May 19, 2009, Hainan Airlines announced that it was brewing a private placement to appointed investors. Analysts guess that the Hainan government will inject capitals into the company.
(USD 1 = CNY 6.84)
Source: dycj.ynet.com (June 09, 2009)
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