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China's Hainan Airlines Co., Ltd. Group transferred 49 percent of its subsidiary company, Yangtze River Express Airlines Co., Ltd. to four Taiwan companies Monday.
This is the first ever cooperation in the form of stock transfer between airline companies from the Chinese mainland and Taiwan.
According to the agreement, the four Taiwan companies, China Airlines, YES Logistics Corporation, Yang Ming Marine Transport Corp. and Wan Hai Lines LTD., will hold 49 percent of the stocks of the Yangtze River Express.
The Yangtze River Express was established in Shanghai in July 2002 following China Cargo Airlines as the second professional cargo airline in the country. With more than 600 employees, the company now operates more than 80 cargo aircraft on 480 flight routes.
China Airlines was founded in 1959 and is now one of the top seven cargo airlines in the world with more than 9,000 employees and a fleet of 65 planes. Its cargo business contributes 40 percent to its total turnover with its fleet of 15 B747-400Fs, one of the largest in the world.
Hainan Airlines, the 4th largest aviation group in China, is a civil aviation enterprise with both A and B shares issued. It is also the first airline company that has accepted overseas investment.
(Xinhua News Agency September 13, 2005)
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