Zhi Tong Cai Jing·2025-08-28 12:15Core Viewpoint - Shenzhen International (00152) announced that its associate company, Shenzhen Airlines, plans to raise a total of RMB 16 billion through a phased capital increase, in which the group will not participate [1] Group 1: Capital Increase Details - The capital increase will be implemented in two phases. In the first phase, Shenzhen Airlines intends to introduce a new investor through a public listing, with its controlling shareholder, China International Airlines (601111), and the new investor contributing approximately RMB 4.082 billion [1] - Upon completion of the first phase, the group's stake in Shenzhen Airlines is expected to be diluted from 49% to approximately 28.09%, while China International Airlines will maintain a 51% stake, and the new investor will hold no more than 20.91% [1] - The subsequent phase of capital increase will depend on Shenzhen Airlines' funding needs and resolutions from its shareholders' meeting [1] Group 2: Strategic Implications - The group believes that not participating in the capital increase will help concentrate resources on its core business, enhancing focus and management of main operations, and effectively optimizing overall resource allocation efficiency [1] - The decision not to participate in this capital increase is not expected to have any significant impact on the group's normal operations and financial condition [1] - Shenzhen Airlines will continue to be classified as an associate company of the group [1]