中国国际航空股份有限公司2025年度向特定对象发行A股股票预案

Core Viewpoint - The company plans to issue A-shares to specific investors, primarily to improve its financial structure and support its strategic goals in the aviation industry, with a total fundraising target of up to RMB 20 billion [4][50]. Group 1: Issuance Overview - The issuance of A-shares has been approved by the company's board and is subject to further regulatory approvals [2][22]. - The issuance price is set at RMB 6.57 per share, which is not less than 80% of the average trading price over the last 20 trading days prior to the pricing date [3][14]. - The total number of shares to be issued will not exceed 3,044,140,030 shares, representing up to 30% of the company's total share capital before the issuance [4][16]. Group 2: Purpose and Background - The aviation industry in China has shown strong recovery, with significant growth in passenger and cargo transport volumes, surpassing pre-pandemic levels [8]. - The issuance aims to enhance the company's operational capabilities and support national development strategies, including the "Belt and Road" initiative [11][12]. - The funds raised will be used to repay debts and supplement working capital, thereby improving the company's financial stability and operational efficiency [4][50]. Group 3: Investor Relations - The issuance will be fully subscribed by the controlling shareholder, AVIC Group, and its subsidiary, demonstrating confidence in the company's future [12][14]. - The relationship between the company and its major shareholders is characterized as an associated transaction, with appropriate governance measures in place to ensure compliance [20][21]. Group 4: Financial Impact - The company's debt-to-asset ratio has been high, with figures of 92.69% in 2022 and projected to be 87.88% by September 2025, indicating a need for financial restructuring [12]. - The issuance is expected to significantly improve the company's asset-liability structure and enhance its ability to respond to market changes [11][53].