Air China(SH:601111) Sou Hu Cai Jing·2025-08-28 23:41Core Viewpoint - Shenzhen Airlines plans to raise a total of 16 billion yuan through equity financing, with China National Aviation Holding Company (CNAH) participating to maintain a 51% stake [2][5]. Financing Details - The financing will be conducted in two phases, with the first phase involving a cash injection of 20 billion yuan from an external investor and 20.82 billion yuan from CNAH [2]. - After the first phase, the external investor will hold no more than 20.9134% of Shenzhen Airlines, while CNAH will retain its 51% stake [2][4]. - The remaining investment of up to 12 billion yuan will be completed in accordance with Shenzhen Airlines' funding needs and shareholder resolutions [2]. Shareholding Structure - Following the financing, Shenzhen International's stake will decrease from 49% to no less than 28.0866% [4]. - Shenzhen International, a significant shareholder, has opted not to participate in this financing round, allowing for a more focused resource allocation towards its core business [5]. Financial Performance - For the first seven months of the year, Shenzhen Airlines reported revenues of 19.67 billion yuan, a year-on-year decline of over 40%, and a net loss of 645 million yuan, although this loss has narrowed by 77% [6]. - In the first half of the year, Shenzhen Airlines achieved revenue of 16.40 billion yuan, a year-on-year increase of 2.39%, with a net loss of 833 million yuan, a reduction of nearly 40% compared to the previous year [8]. Strategic Implications - The financing is expected to enhance Shenzhen Airlines' capital strength, improve its capital structure, and reduce debt burden, thereby lowering funding costs [12]. - This investment will help Shenzhen Airlines leverage policy advantages in the Guangdong-Hong Kong-Macao Greater Bay Area, solidifying its market share in domestic and international aviation [12].