Hainan Airlines enters Hong Kong
By Chen Dezhi, Takungpao | May 08, 2006
Hong Kong Economic Development and Labour Bureau has formally 'given the green light' for Hainan Airlines to become a shareholder of CR Airways, the Bureau thought that even after CR Airways has changed the structure of stockholders, it still has the ability to act on the status of 'one of the designated Hong Kong airline carrier'. But this time Hainan Airlines could be successful in entering the Hong Kong aviation market is suggested to be contributed by the fact that Hainan Airlines decreased its stock-owning percentage of CR Airways from the originally planed 65% to 45%.
Former Director of Haikou Meilan International Airport becomes the shareholder
Although the amount of shares held by Hainan Airlines is slightly below 50%, but whether or not Hainan Airlines could 'control' CR Airways is still unclear. It's known that the remaining 55% is now owned by Ye Changqing, the president of CR Airways, and Meng Jianqiang, the former independent, non-executive director of Haikou Meilan International Airport LTD. Furthermore, there exists a exceptionally close relationship between Haikou Meilan International Airport and Hainan Airlines. (Translation: CARNOC Tao Mengping)
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