Hainan Airlines has moved one step closer toward launching low-cost carrier (LCC) Shen Niao Airlines after securing approval from China’s State Administration for Industry & Commerce (SAIC). According to Hainan Airlines, the Chengdu-based LCC venture has a registered capital of CNY3 billion ($435 million). Its Kunming-based subsidiary Lucky Air will hold a 35% stake with a CNY1.05 billion investment, Yunnan Lucky Investment Co. will own a 45% stake with a CNY1.35 billion ...

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