Sou Hu Cai Jing·2025-10-30 14:18Core Viewpoint - China National Airlines (SH 601111) announced a plan to issue A-shares to specific entities, aiming to raise up to RMB 20 billion for debt repayment and working capital enhancement [1]. Group 1: Share Issuance Details - The board meeting held on October 30, 2025, approved the issuance of A-shares to specific entities, namely AVIC Group and AVIC Holdings [1]. - The total number of A-shares to be issued will not exceed approximately 3.044 billion shares, representing up to 30% of the company's total share capital before the issuance [1]. - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date or the higher of the latest audited net asset value per share [1]. Group 2: Financial Utilization - The funds raised from this issuance will be used entirely for debt repayment and to supplement working capital after deducting issuance costs [1]. Group 3: Revenue Composition - For the first half of 2025, the revenue composition of China National Airlines was as follows: passenger transport accounted for 90.64%, other services for 4.93%, and air cargo and mail transport for 4.43% [1]. Group 4: Market Capitalization - As of the report date, the market capitalization of China National Airlines was RMB 149.2 billion [2].