Long Dragon Airlines' application for an IPO on the Shanghai Stock Exchange main board has been queried, aiming to raise 2 billion yuan.

On June 17, Zhejiang Changlong Airlines Co., Ltd. (hereinafter referred to as Changlong Airlines) applied for a status change in the listing review on the Shanghai Stock Exchange main board to "being questioned". Huatai United Securities is the sponsor institution, and intends to raise 2 billion yuan. The prospectus shows that Changlong Airlines is a passenger and cargo integrated public transport airline based at Hangzhou Xiaoshan International Airport. It is mainly engaged in domestic, Hong Kong, Macao, Taiwan and international passenger and cargo transportation business and related services. As of the end of 2025, the company operated a total of 135 passenger routes, covering major cities in China, Hong Kong, Macao, Central Asia, Japan, South Korea, Southeast Asia and other countries and regions. The company's fleet consists of Airbus A320 series aircraft. By the end of 2025, the average age of the company's fleet is 6.41 years; as of the date of signing of this prospectus, the company's operational fleet size has reached 77 aircraft. In terms of operational efficiency, the company achieved a passenger load factor of 88.39% in 2025, with an aircraft utilization rate of 9.42 hours per day, both exceeding the industry average level of 85.1% and 9.1 hours per day. The company also achieved a flight on-time performance rate of 93.59% in 2025, ranking 5th among the 41 passenger airlines in China according to the statistics of the Civil Aviation Administration of China. In terms of passenger air transportation, the company positions itself as a full-service airline, mainly serving a wide range of air travel needs such as public and business, leisure tourism, visiting relatives and studying, etc. By providing differentiated services, flexible fare mechanisms, and product and membership service systems, the company meets the travel needs of different passenger groups. The main source of revenue for passenger air transportation is ticket revenue. In terms of air cargo transportation, the company mainly relies on the belly hold resources of passenger aircraft to provide domestic and international air cargo transportation services to customers. The company's transported cargo categories mainly include general cargo, mail, fresh fruits and vegetables, etc. Aviation fuel is the company's main cost, and the company mainly purchases aviation fuel from China Aviation Oil. During the reporting period, the proportion of aviation fuel costs to main business costs was 39.25%, 37.79% and 34.26% respectively, making it the most important component of the company's main business costs. Fluctuations in aviation fuel prices will have an impact on the company's operating performance. Financially, in the years 2023, 2024, and 2025, Changlong Airlines' operating income was approximately 9.014 billion yuan, 10.009 billion yuan, and 10.648 billion yuan respectively; during the same period, the net profit was approximately 171 million yuan, 631 million yuan, and 692 million yuan respectively.