Air China Limited announced that it has entered into share subscription agreement for a private placement and it will issue not more than 854,700,854 A shares at an issue price of CNY 7.02 per share for gross proceeds of CNY 5,999,999,995.08 and not more than 392,927,308 H shares at an issue price of HKD 5.09 (CNY 4.644879) per share for gross proceeds of CNY 1,825,099,801.45573, for gross aggregate proceeds of CNY 7,825,099,796.53573 on December 22, 2023. The transaction will include participation from returning investors, China National Aviation Corporation Limited for A shares and China National Aviation Corporation (Group) Limited for H shares. The shares cannot be transferred within 36 months from the issuance closing date. The transaction has been reviewed and approved at the 25th Meeting of the 6th Directorate and the 14th Meeting of the 6th Supervisory Board and approved the 2023 private placement and is subject to the approvals of the company?s shareholders, the state-owned assets supervision and management body, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.

On January 19, 2024, the company announced that the transaction has been approved by the China National Aviation Corporation Limited.