China Southern Plans $2.47 Billion Share Placement

What’s new: China Southern Airlines Co. Ltd. plans to raise as much as 17.5 billion yuan ($2.47 billion) in a private share placement to expand its fleet and replenish working capital.

The airline will use 12.25 billion yuan of the proceeds to buy 50 Airbus A320 NEO jets, China Southern said Wednesday in a statement. The expansion will help the company keep up with the recovery of civil aviation, the carrier said.