Hainan Airlines to seek HK listing

Hainan Airlines will form a new company, Grand China Air, and list its enlarged aviation assets in Hong Kong next year to raise funds for a further expansion of its fleet and service network, Bloomberg reported. The carrier is in the process of merging with three smaller groups, Xinhua Airlines, Changsha Airlines and Shanxi Airlines. American financier George Soros was one of the first to back the restructuring efforts, having agreed to double his investment in the airline to US$50 million in return for a 4% stake in Grand Air China.