Hainan in new offering
25 April 2005
In a filing with the Shanghai Stock Exchange, A- and B-share listed Hainan Airlines said it would issue up to 2.8bn non-tradeable shares, valued at US$900m, to finance expansion and shrink debt. It said it would sell shares at a 10% discount to its 20-day average A-share price. On Friday Hainan closed slightly down, at RMB3.06. George Soros, the carrier's biggest shareholder, holds 14.8%.