Air China Limited's subsidiary Shenzhen Airlines, in which Kunlun Airlines has invested, received a capital increase of 2 billion yuan.

Air China Limited (601111.SH) announced that its controlling subsidiary, Shenzhen Airlines, plans to conduct equity financing, with a total financing amount of 16 billion RMB, to be implemented in stages. Air China Limited will subscribe to Shenzhen Airlines' financing amount according to its shareholding ratio, with a total capital increase amount not exceeding 8.16 billion RMB. On November 6, 2025, Shenzhen Airlines received a "Letter of Confirmation of Qualification of Intended Investor" from Shenlian, and identified one qualified intended investor, Shenzhen Kunhang Investment Partnership Enterprise (Limited Partnership) (referred to as "Kunhang Investment"). On December 18, the company, Shenzhen International Full-Chain Logistics Co., Ltd. (referred to as "Shenzhen International"), Kunhang Investment, and Shenzhen Airlines jointly signed the "Agreement on Capital Increase of Shenzhen Airlines Limited Liability Company" and the "Investment Contract of Shenzhen Airlines Limited Liability Company". Kunhang Investment increased its capital to Shenzhen Airlines by 2 billion RMB, subscribing to an additional registered capital of 1.956 billion RMB for Shenzhen Airlines, holding 20.9134% equity in Shenzhen Airlines after the capital increase. Kunhang Investment made a one-time cash contribution. The company simultaneously participated in the initial capital increase through a non-public offering, at the same price as Kunhang Investment. The company agreed to increase its capital to Shenzhen Airlines by 2.082 billion RMB, subscribing to an additional registered capital of 2.035 billion RMB for Shenzhen Airlines, holding 51% equity in Shenzhen Airlines after the initial capital increase. The company made a one-time cash contribution.