Zhong Guo Jing Ji Wang·2026-02-09 07:00Core Viewpoint - China National Airlines (China National Aviation, 601111.SH) has received approval for a non-public issuance of shares, aiming to raise up to RMB 20 billion for debt repayment and working capital enhancement [1][2]. Group 1: Share Issuance Details - The company plans to issue A-shares at a price of RMB 6.57 per share, with a maximum issuance of 3,044,140,030 shares, not exceeding 30% of the total share capital before the issuance [1]. - The total funds raised from this issuance will be used entirely for debt repayment and to supplement working capital after deducting relevant issuance costs [1]. Group 2: Subscription and Participants - The issuance will be directed towards specific entities, namely AVIC Group and AVIC Holdings, which will subscribe to the entire issuance in cash [1]. - AVIC Group intends to subscribe for no less than RMB 5 billion, while AVIC Holdings plans to subscribe for up to RMB 15 billion [1]. Group 3: Regulatory and Sponsorship Information - The shares to be issued are domestic listed RMB ordinary shares (A-shares) with a par value of RMB 1.00 per share [2]. - The issuance will occur after approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission [2]. - The sponsoring institution for this issuance is CITIC Securities Co., Ltd., with representatives Zhang Yang and Liao Zhenhong [3].