China's LCCs, which are facing a lack of access to trunk routes, restriction on the introduction of new aircraft and pilot shortages, are experiencing mixed results in their efforts to attract the foreign investors they need to move forward with listing plans.

Spring Airlines has met with success, sealing a deal with Citibank under which the latter will serve as strategic investor and financial adviser, Spring spokesperson Zhang Lei revealed. The carrier intends to list either in Shanghai or Hong Kong in 2009.

East Star Airlines, which is profitable, has presented its listing plan to six international investment banks, including JP Morgan and Merrill Lynch, and five additional foreign banks. However, Banque de L'IndoChine graded East Star as a "third class" carrier, behind "first class" Air China, China Southern Airlines and China Eastern Airlines and "second class" carriers like Shanghai Airlines, Shenzhen Airlines and Sichuan Airlines. It said it would consider an approximately US$100 million investment if and when ESA is upgraded to "second class."

Juneyao Airlines CEO Huang Hui revealed the carrier hopes to list by next summer's Olympic Games in Beijing and is working on an initial private placement scheduled to be concluded by year end.