Zhong Guo Jing Ji Wang·2025-10-31 07:03Core Viewpoint - China National Airlines (601111.SH) plans to issue A-shares to specific investors, aiming to raise up to RMB 20 billion for debt repayment and working capital replenishment [1][2]. Group 1: Issuance Details - The A-share 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 or the higher of the latest audited net asset value per share [2]. - The total number of A-shares to be issued will not exceed 3,044,140,030 shares, representing a maximum of 30% of the company's total share capital prior to the issuance [2]. - The issuance will be conducted through a private placement to China Aviation Group and China Aviation Capital, both of which are related parties [2][5]. Group 2: Subscription Details - China Aviation Group intends to subscribe for at least RMB 5 billion, while China Aviation Capital plans to subscribe for up to RMB 15 billion [1]. - The participation of these entities constitutes a related party transaction, and the company will comply with relevant regulations for approval and disclosure [1][2]. Group 3: Previous Fundraising Activities - In January 2023, the company raised approximately RMB 15 billion through a private placement of A-shares at RMB 8.95 per share, with the net proceeds used for working capital [3]. - The company also raised around RMB 1.82 billion through the issuance of H-shares to China Aviation Group at a price of HKD 5.09 per share, with funds fully utilized by September 2025 [4]. - The total amount raised from these three fundraising activities is approximately RMB 22.82 billion [6].