Jixiang and China Eastern 188bet app “hold hands” again，Introduced the cross-shareholding model among mainland 188bet app。

On Juneyao 188bet app (603885.SH) The latest fixed increase plan，Although China Eastern 188bet app (600115.SH) was not directly involved，However, China Eastern Industrial Investment, a subsidiary of its parent company China Eastern 188bet app Group, is the only subscriber，will contribute up to 31.5.4 billion yuan，Buy Juneyao 188bet app up to 1.6.9 billion shares。

Currently，The total share capital of Juneyao 188bet app is 17.9.7 billion shares，After investing in China Eastern 188bet app，will hold about 8 of it.6% shares。And 4 months ago，China Eastern 188bet app also announced，After Juneyao 188bet app and its parent company Juneyao Group participated in the private placement of China Eastern 188bet app’ A shares and H shares with a total size of approximately 14.8 billion yuan，will hold a total of more than 5% of China Eastern 188bet app shares，Become an important shareholder。

In fact，Cross-shareholdings are not uncommon in the airline industry。As early as ten years ago，Air China (601111, which belongs to the three major state-owned civil aviation groups.SH) holds shares with Hong Kong’s Cathay Pacific Airways。This time China Eastern and Junexiang explore this model，Perhaps this is also a new attempt by 188bet app to “team up” under the current complex background of the civil aviation industry。

China Eastern 188bet app and Juneyao cross-alliance cooperation

Reasons for investing in Juneyao 188bet app，Relevant personnel of China Eastern Industrial Investment responded to the 21st Century Business Herald reporter: This is based on further strengthening and deepening the strategic cooperative relationship between the two parties、Jointly build Shanghai aviation hub and serve Shanghai’s “Five Center Construction”，It is also in response to the country’s call to vigorously support the development of private economy and private enterprises。

Juneyao 188bet app is the same as China Eastern 188bet app，Both are based in Shanghai，But its scale is far less than that of China Eastern 188bet app。Take the capacity on November 13 as an example，China Eastern 188bet app in Pudong、The capacity ratios of Hongqiao and Hongqiao airports are 28 respectively.9%、33.7% (excluding Shanghai 188bet app)，Auspicious numbers are only 7.6%、8.1%；In terms of revenue scale，China Eastern 188bet app is worth hundreds of billions，Jixiang just exceeded 10 billion last year。

From the perspective of operational characteristics，Auspicious size is small，But the time and route resources are relatively high-quality，It is also less affected by oil price shocks，And Jixiang does not bear foreign debt，Therefore it is almost not affected by exchange gains and losses，Is an ideal investment object in the aviation field。

However，China Eastern 188bet app and Juneyao 188bet app belong to different airline alliances。Among them，China Eastern 188bet app is a member of the SkyTeam alliance，May last year，Juneyao 188bet app has officially joined Star Alliance’s “Connect Partner” program，Although not an official member of the Covenant，But we have also reached two-way rights and interests with five 188bet app within the alliance (that is, both parties can use mileage、Sharing on points)。

The cross-shareholding between Juneyao and China Eastern 188bet app is seen as another example of cooperation that breaks the airline alliance。In fact，One of the Star Alliance members that implements two-way equity cooperation with Juneyao 188bet app is Air China，Later, Junexiang began to cooperate with China Eastern 188bet app at the capital level，Exceeded market expectations to a large extent。

It needs to be pointed out，Cross-alliance cooperation has become common in the industry。Last year，American 188bet app purchased China Southern 188bet app (600029 for US0 million.SH)H shares，China Southern and American 188bet app belong to SkyTeam and Oneworld respectively。The industry generally believes that，In comparison，There are fewer restrictions on cooperation under the non-alliance framework，Complementary and highly targeted，More conducive to the development of individual 188bet app。

According to Juneyao 188bet app’ plan，More than 3.1 billion yuan raised in this non-public offering，2.6 billion will be used to introduce three Boeing 787 passenger aircraft and a spare engine，5.500 million yuan used to repay bank loans。

B787 is Boeing’s medium-sized wide-body aircraft，Applicable to international long-distance routes。Previously，Juneyao 188bet app’ fleet is exclusively Airbus single-aisle A320 aircraft，For domestic flights，And to Japan、Short and medium-range international routes in Southeast Asia and other places。

Juneyao 188bet app intends to enter the international market with the B787 wide-body aircraft。At the press conference for joining the Star Alliance last year，The chairman of Juneyao 188bet app revealed，Plan to introduce three B787 aircraft in 2018，And launch long-distance intercontinental routes from Shanghai in due course，Create a project centered on Shanghai’s two airports，Connecting North America、Europe、The hub and spoke route network of Australia and other major international cities。

However，In the short term，Jiexiang’s B787 will first fly domestic routes。October this year，The first B787 passenger aircraft introduced by Juneyao，Currently flying Shanghai-Shenzhen route，There is currently no news that Juneyao will use this "Dreamliner" to fly international routes。

Domestic civil aviation “group”

Cooperation between domestic private aviation and state-owned aviation is strengthening。Except China Eastern 188bet app and Jixiang，China Southern 188bet app and Spring 188bet app also cooperate at the equity level。

Following Jixiang’s announcement to become a shareholder in July this year，September 27，Spring 188bet app announced，With own funds 8.4.6 billion yuan to subscribe for China Southern 188bet app’ non-public offering of A shares1.4.1 billion shares。After the transaction is completed，Spring 188bet app will account for 1 proportion of China Southern 188bet app’ equity.63%，Became the fifth largest shareholder of the latter。

Spring 188bet app stated in the announcement，After investing in China Southern 188bet app，Will seek cooperation with them in the field of low-cost aviation。Spring 188bet app was established in 2004，And listed on the Shanghai Stock Exchange in 2015，Is China’s first listed low-cost airline。China Southern 188bet app also stated in the announcement，Both sides will expand、Improve each other’s route network，Also cooperate in marketing promotion。

To some extent，Two major cooperations within this year，Essentially, they are all private 188bet app and state-owned 188bet app "joining forces": China Eastern 188bet app and China Southern 188bet app completed fundraising，Expanding scale，Jixiang and Chunqiu have completed docking with state-owned 188bet app，Get more time and route resources。

An aviation industry analyst from a securities company headquartered in Shanghai told a reporter from the 21st Century Business Herald，Cross shareholding between Juneyao and China Eastern 188bet app，Can enhance both parties’ control over Shanghai market prices。

“China Eastern 188bet app has a large market share，But there is still a lot of room for improvement in ticket prices。”He gave an example，As the largest carrier，China Eastern 188bet app’ prices on the Beijing-Shanghai route don’t even have an advantage，The average fare is lower than Air China，After cross-shareholding，Both parties can cooperate in route allocation，Achieve a win-win situation。

So what do Juneyao Group and Juneyao 188bet app intend to do by spending huge sums of money to invest in shareholder 188bet app？The above analysts said，Routes and times may be the resources that Jixiang values ​​​​。“The biggest problem of Jixiang in the past two years is，At the main base in Shanghai，As well as the Guangzhou base of Jiuyuan 188bet app, they cannot get new time，China Eastern 188bet app is large，Resources are relatively abundant。”

In his opinion，The reason why Chunqiu invested in China Southern 188bet app，It is based on the same idea: both parties jointly develop Beijing Daxing Airport (i.e. new airport)，China Southern 188bet app acquires a low-cost airline partner，And consolidate its position in Beijing’s new airport，The transportation capacity of Chunqiu can be better released。

As Beijing’s new airport is about to be put into operation，The Civil Aviation Administration of China has formulated a series of standardized documents for allocating traffic rights and slots，To better absorb the huge increase brought by Beijing’s new airport，Although these documents have greatly improved the transparency of traffic rights and slot allocation，But it’s obvious，The advantages of China’s three major Southeast 188bet app are almost “overwhelming”。

Whether it is Air China staying at Capital International Airport，China Eastern 188bet app is about to move to the new airport、China Southern 188bet app，It is much easier for them to apply for traffic rights and time slots at their respective main base airports，This puts a certain amount of pressure on small and medium-sized 188bet app，Especially for small and medium-sized 188bet app that are about to move to new airports。

According to plan，Jixiang is a "half" member of Star Alliance，Although I can stay at the "old airport"，But it is not optimistic about how many route resources it can obtain。In this case，“Get a ride” on China Eastern 188bet app，Maybe it can solve the dilemma of "lack of routes and lack of resources"。

*Source of this article: 21st Century Economic Report，Author: Peng Suping，Original title: "Civil aviation “teaming up”: Domestic 188bet app test cross-shareholdings》.