Spring Airlines plans Shanghai float next year

SHANGHAI: Even as its two local rivals, China Eastern Airlines and Shanghai Airlines are fine-tuning their merger, Spring Airlines is taking steps to boost its market share by expanding its fleet, launching more outbound flights and also looking at a public float next year.

Shanghai-based Spring Airlines trumped its State-owned rivals by reporting a net profit of 21 million yuan last year, while its net profit soared to 41.17 million yuan in the first half of this year. However, its chairman Wang Zhenghua said the carrier plans to strengthen its operations to face future uncertainties.

"Currently, our management team has too much power in decision making, and that's not good for the development of a corporation," said Wang during the carrier's fourth anniversary ceremony. "To solve this problem, a listing on China's bourse would be ideal," he told reporters.