Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

TRENDING
Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
Chinese App-Makers Smell Opportunities in Strict Trash-Sorting Rules
Tencent Posts 35% Profit Rise on Reviving Game Releases
LATEST
Cathay Pacific CEO Hogg Resigns Amid Hong Kong Protests
Ninebot’s New Scooter Can Drive Itself Back to Charging Stations
Oppo to Unveil New Smartphone With 20x Zoom
Chinese Companies Usher in Age of Synthetic Meat
Record-Smashing Chinese Animation to Get Overseas Releases
WTO to Arbitrate China’s Complaints About U.S. Solar-Cell Tariffs
Vipshop Stock Soars After Q2 Results Beat Expectations
Japan Replaces China as Largest Holder of U.S. Government Debt
Huawei’s First 5G Commercial Phone Gets Warm Response Despite Limited Networks
AI Startup Plans IPO at Value of at Least $1 Billion — in China
Alibaba Q2 Revenue Jumps 42%, Beating Estimates But Slower Than Year Earlier
Baidu’s $66 Billion Dive Knocks It Out of China’s Internet Top 5
Beijing Grants Foreign Investors Wider Access to Entertainment Industry
Tencent-Backed Maoyan Turns Profit on Strong Ad Growth
Chinese App-Makers Smell Opportunities in Strict Trash-Sorting Rules
Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
Chinese Internet Sector Grows 17.9% Year-on-Year: MIIT
Xiaomi Receives Licenses for Second 5G Phone
Coal Industry Looks to Robots for Increased Safety
No Investor Love for Tencent, Lenovo and Luckin in Latest Reports
China Eastern’s Cargo Unit Files for $348 Million Listing

By Huang Rong and Han Wei / Jul 09, 2019 12:00 AM / Business & Tech

Photo: VCG

Photo: VCG

Eastern Air Logistics Co. Ltd., the logistics arm of state-owned China Eastern Airlines, filed for an initial public offering with domestic securities regulators to raise more than 2.4 billion yuan ($348 million).

A public offering will mark the last step for the once state-controlled company to complete a two-year restructuring to diversify its ownership.

Once wholly owned by China Eastern’s listed unit, Eastern Air Logistics sold part of its equity to private investors including Legend Holdings, Global Logistic Properties Ltd. and Deppon Logistics Co. in February 2017, reducing the state holding to 45%. The company has since prepared for a public listing as a final step of the mixed-ownership restructuring.

Proceeds of the offering will be used to invest in logistics facilities, network improvements, equipment purchases and technology upgrades, said the company.

Eastern Air Logistics booked 10.7 billion yuan of revenue in 2018 and 987 million yuan of net profit, according to the prospectus. Total assets reached 5.7 billion yuan, with a debt-to-asset ratio of 47.6%.

Eastern Air Logistics’ main business covers aviation logistics, on-ground services and logistics solutions for cross-border e-commerce and other emerging business.

Related: China Eastern’s Privately-Backed Cargo Unit Plans Shanghai Listing

Share this article
Open WeChat and scan the QR code
Copyright © 2019 Caixin Global Limited. All Rights Reserved.