While China Eastern Airlines is on the verge of selling a 25% stake to Singapore Airlines, Shanghai Airlines appears to be interested finding its own foreign investor.

On June 3, ANA President and CEO Mineo Yamamoto revealed that the Japanese carrier is considering a cross-shareholding arrangement with its future Star Alliance partner. Yamamoto said in Tokyo that an arrangement with Shanghai Airlines would be similar to the agreement reached with Asiana Airlines earlier, under which each carrier took a US$12 million stake in the other.

Shanghai Airlines Secretary of the Board Xu Junmin said the carrier has yet to receive the proposal from ANA while noting that it does have "cooperative relations with ANA on codeshare."

Meanwhile, Air China also has contacted Shanghai Airlines about a deeper cooperation. With principal hubs in Beijing and Chengdu, CA has sought greater penetration in the Shanghai market. Shanghai Airlines President Zhou Chi has insisted that his carrier should "go its own way" despite the interest from potential suitors. CA will join Shanghai and ANA in Star Alliance by year end.