Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

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

TRENDING
WeWork Putting the Brakes on China Push: Report
Tencent-Backed E-Book Platform Partners With Disney for ‘Star Wars’ Project
Tesla’s China Plant Is Hooked Up to State Grid Power Supply
LATEST
Tencent-Backed E-Book Platform Partners With Disney for ‘Star Wars’ Project
iQiyi Looks to AI to Force-Feed Ads to Viewers
Popular Walking App Accused of Financial Fraud
WeWork Putting the Brakes on China Push: Report
‘No New Progress’ on Zotye Joint-Venture With Ford
Qutoutiao’s Online Literature Unit Gets $100 Million Windfall
NBA’s China Crisis Has Already Caused ‘Substantial’ Losses, Commissioner Says
Northern China Aims to Curb Toxic Air Pollution by 4% This Winter
China’s Economic Growth Dips to New Nearly Three-Decade Low
Tesla’s China Plant Is Hooked Up to State Grid Power Supply
Didi Pushes Further Into Latin America With Eye on Costa Rica
Homeowners Demand Refunds After Developer Cuts Prices
Controversial WeChat Public Account Operator Eyes High-Tech Board IPO
Burgeoning Online Marketplace in Crisis After Luring New Shoppers With Merchants’ Money
Huawei Posts Strong Revenue Growth Despite U.S. Export Ban
Ant Financial Seeks Loan of as Much as $3.5 Billion at Lower Rate
China Freezes Some Social Media, Mobile Payment Accounts in Myanmar Cross-Border Fraud Crackdown
Popular Translation App Youdao Downsizes New York IPO
Popular Alibaba-Backed Social E-Commerce App Returns After Months-Long Absence
Cheap-Phone Maker Realme Eyes Upscale Turn With Pricey New Handset
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