China's Deer Air Co. Ltd., a subsidiary of Hainan Airlines, has changed its name to Capital Airlines.

The airline completed its first flight under its new name Monday, taking a special delegation to Shanghai from Beijing Capital International Airport.

The Beijing-based Capital Airlines runs 24 corporate jets. It flies 120 routes and lands at 420 airports in more than 100 countries.

Its registered capital totals 1.5 billion yuan (220 million U.S. dollars), with Hainan Airlines Group holding a 70 percent stake and the Beijing Tourism Group holding the remaining 30 percent.

The company aims to increase its number of jets to 200 over the next five years.

Deer Air Co. Ltd. was founded in 2006 by Hainan Airlines, one of China's major airlines.