Juneyao Airlines sets up budget carrier
Print Edition
China’s civil aviation regulator yesterday approved the establishment of Jiuyuan Airlines, a new budget carrier based in Guangzhou under the Shanghai Juneyao Airlines.
With registered capital of 600 million yuan (US$99 million), Jiuyuan Airlines, based at Guangzhou Baiyun International Airport, will mainly operate Airbus A320 aircraft for domestic passenger and cargo services, Juneyao Airlines said.
Juneyao wants to tap the low-cost market in the Pearl River Delta region where there are large concentrations of migrant workers, Wang Junjin, president of the airline, has said.
Juneyao will have a controlling stake of 69 percent in the new carrier while Elion Resources Group, a company engaged in clean energy and pharmaceuticals, owns 15 percent. The other shareholders are Macrolink Group, whose businesses include chemicals, mining, real estate and ceramics, and Ji Guangping, executive vice president of the Juneyao.
Jiuyuan Airlines, or “nine yuan” in Chinese, has said it will offer flight tickets priced at 9, 19, 29, 39 and 49 yuan. The airline joins the only other budget carrier, Spring Airlines, to operate on China’s mainland.
The Civil Aviation Administration of China yesterday also approved the set-up of Fuzhou Airlines, with registered capital of 2 billion yuan and Hainan Airlines as its major shareholder.
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