Spring Airlines defers IPO by at least one year

Spring Airlines, China’s only LCC, announced plans to postpone an IPO for at least one year, as equity markets remain volatile amid the global economic downturn and passenger traffic remains sluggish. Chairman, Wang Zhenghua, revealed the proposed Shanghai and Hong Kong share sale, aimed at raising USD146 million, would be revisited in Sep-2010. Spring’s plans for an IPO have been delayed several times from late 2008 to Oct-2009 and Dec-2009. [593 words]

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This report contains the following subheadings:

• Shifts plans for a second base to Sanya
• To expand services to Hong Kong and Macau by Oct-2009

This report contains the following charts and tables:

• Passenger numbers trends for the smaller Chinese airlines: Feb-2006 to Mar-2009
• Sanya International Airport capacity (seats) share by carrier
• Spring Airlines aircraft delivery schedule: May-2009