At the 28th Issuance Review Committee Working Meeting in 2021 held recently by the China Securities Regulatory Commission，China Eastern Airlines Logistics Co., Ltd. (hereinafter referred to as "188bet online sports betting" or the "Company")'s initial listing application was approved。As the first batch of pilot enterprises to carry out mixed-ownership reform among central enterprises，188bet online sports betting is the first among the three major airlines to implement mixed ownership reform and is expected to be listed this year。The parent company China Eastern Airlines Group will also become the first state-owned airline group to have two listed companies。

Prospectus display，188bet online sports betting plans to be listed on the Shanghai Stock Exchange，The planned issuance does not exceed 15875.560,000 shares。24 funds to be raised this time.0.6 billion yuan，Mainly used for the construction of Pudong Comprehensive Aviation Logistics Center、Upgrade and transformation of all cargo stations in the network、Spare engine purchase、Informatization upgrade and R&D platform construction，To realize the "three-step" strategy (i.e. fast transportation-fast logistics-fast supply chain platform evolution link) in the next five to ten years，And take advantage of the business ecosystem with both international business layout and industrial cohesion。

As the first batch in the country、The first mixed-ownership reform pilot enterprise in civil aviation，The main business of 188bet online sports betting mainly involves air express transportation、Integrated ground services and integrated logistics solutions。Business performance，Prospectus display，The company’s revenue from 2017 to 2019 was 76.6.4 billion yuan、108.7.6 billion yuan、112.7.3 billion yuan，Net profit attributable to parent company is 6 respectively.8.5 billion yuan、10.0.3 billion and 7.8.9 billion yuan。Among them，The revenue growth rate from 2018 to 2019 is 41.89%、3.65%；Revenue growth has declined。2017 to 2019，Air express gross profit is 37 respectively.89%、42.6%、27.17%。

Disclosed in the prospectus，188bet online sports betting Airlines Group is the company’s largest customer and largest supplier，2017 to 2019，The company’s sales revenue to 188bet online sports betting Airlines Group is 5.5 billion yuan、8.2.8 billion yuan、8.7.2 billion yuan，Accounting for 7% of the company’s revenue respectively.18%、7.61%、7.73%，The company’s purchase amount from 188bet online sports betting Airlines Group is 8.1 billion yuan、31.7.2 billion yuan、40.1.8 billion yuan，Accounting for 16% of the company’s total purchases.97%、40.96%、46.76%。

Shareholder structure，With the support of the State-owned Assets Supervision and Administration Commission and China Eastern Airlines Group，188bet online sports betting implemented the capital increase and equity participation to complete the equity diversification reform，Introducing Legend Holdings、Zhuhai Pudong Logistics and other non-state-owned capital investors。It’s worth noting，China Eastern Industrial Investment’s holding ratio is less than 50% (45%)，Becomes the highlight of breaking through the absolute controlling stake in this round of pilot mixed-ownership reform of state-owned enterprises。Among the top ten shareholders，Lenovo Holdings、Zhuhai Pudong Logistics、Tianjin Ruiyuan、Debon shares、Greenland Investment Company、Beijing Legend holds the top 20 shares of 188bet online sports betting in this issuance.1%、10%、10%、5%、5%、4.9% shares。Tianjin Ruiyuan is the core employee shareholding platform of 188bet online sports betting。

2020，“Passenger to cargo” has become the main direction of the aviation industry，The cargo business segment of major airlines has become a highlight。Under the still severe situation of the international epidemic，Insufficient supply of bellyhold capacity of passenger aircraft in the entire industry，Promote the increase in all-cargo aircraft transportation turnover and freight rates。188bet online sports betting Express，This has a certain positive impact on the company’s operating performance。But as the epidemic gradually subsides in the future，The supply and demand of domestic and foreign air cargo markets are expected to gradually return to normal levels。

Reporter learned，The logistics sectors of 188bet online sports betting Airlines and 188bet online sports betting Southern Airlines, the three major airlines, have also implemented mixed reform。The aviation logistics market has initially formed the Air 188bet online sports betting Cargo + Cainiao network、Eastern Airlines Logistics + Debon Shares、The competitive landscape of 188bet online sports betting Southern Logistics + GLP，And in the future 188bet online sports betting Southern Airlines Logistics、Air 188bet online sports betting Cargo’s future capital operation has also attracted market attention。CITIC Construction Investment said，The air cargo industry has higher funds、Qualification and resource barriers，As long as there are no major changes in economic development and industry environment，The three major aviation groups are likely to continue to dominate the air cargo industry in the future。

*This 188bet online sports bettingSource:Economic Information Newspaper, Author:Wei Xiayi, original title: "188bet online sports betting IPO passed the meeting and the mixed reform of state-owned enterprises and airlines continued to advance》.