BEIJING, June 15 (Xinhua) -- China Eastern Airlines announced on Sunday evening that it planned to set up a new airline in south China's island province Hainan in collaboration with Juneyao Airlines, a unit of Trip.com, and two other state-owned entities.
It is learned that the initial registered capital of the new carrier will reach three to six billion yuan.
China Eastern Airlines will hold a majority 51 percent stake in the new airline, while the two state-owned entities will each own 10 percent of the new joint venture.
Other funders including Juneyao Airlines and a unit of Trip.com will own 15 percent and 14 percent shares, respectively.
According to China Eastern Airlines, this collaboration will further improve the company's strategic layout in southern China and further elevate its overall competitiveness in the country.
(Edited by Yang Yifan with Xinhua Silk Road, email@example.com )