JuneYao Group to Offload Remaining Stake in China Eastern

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JuneYao’s announcement is a blow to a partnership in which Juneyao Airlines and China Eastern Airlines own each other’s shares as part of a campaign to build Shanghai into a global aviation hub. Photo: Yin Liqin/China News Service, VCG

Privately owned JuneYao Group Co. Ltd. is gearing up to sell its stake in one of China’s “big three” state-owned carriers as the Shanghai-based conglomerate tiptoes into the capital-intensive new-energy vehicle (NEV) manufacturing sector to diversify its businesses.

The news was disclosed in a Shanghai stock exchange filing dated Wednesday by China Eastern Airlines Co. Ltd. (600115.SH), according to which JuneYao — which runs businesses from aviation and consumer retail to financial services and education — is planning to offload all of its 155.9 million shares in the carrier within six months as part of its “business development plan.”