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Jiaxin sells 80m shares in Hainan Airlines

By Hao Yan (chinadaily.com.cn)
Updated: 2009-07-13 17:32

Hainan Jiaxin Investment Management Co, Hainan Airlines' fourth largest shareholder, has cut its stake in the carrier by 2.25 percent to 1.61 percent, Hainan Airlines announced over the weekend.

As of July 10, Jiaxin had sold nearly 80 million shares it preciously held in Hainan Airlines, the carrier said. Jiaxin now holds about 57 million of its negotiable shares.

Jiaxin, which is owned by employees of HNA Group, the parent firm of Hainan Airlines, may have made a 180 percent profit on the deal, as it sold the shares at around 5.63 yuan a share but had bought them at only 2 yuan a share two years ago when the airline issued new shares, Guangzhou Daily reported today.

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It was the second time Jiaxin had cut its stake in the airline. In October 2007, it sold nearly 49 million shares in Hainan Airlines and earned about 450 million yuan.

An insider with Hainan Airlines told the newspaper that the sale may signal Grand China Air's listing in the near future. The person said it showed HNA employees may have wanted to sell their shares in Hainan Airlines for cash through Jiaxin and subscribe for Grand China Air's shares.

Grand China Air was formed on Nov 29, 2007 under the initiative of Hainan Airlines to merge its operations with HNA Group's subsidiaries Shanxi Airlines, Chang'an Airlines and China Xinhua Airlines. It is the country's fourth largest airline, following Air China, China Southern and China Eastern.

Grand China Air seeks to be listed in Hong Kong but the plan has been put off several times.