China National Aviation Corporation made an offer to acquire a 35% stake in Shandong Airlines Co., Ltd. (SZSE : 200152) for approximately HKD 370 million on June 14, 2022. China National Aviation made an offer to acquire 140 million shares for HKD 2.62 per share. The tender offer period will be for 30 days.

China International Capital Corporation Limited acted as financial advisor and Haiwen & Partners acted as legal advisors of Air China Limited. As of April 13, 2023, all remaining shareholders of Shandong Airlines Co., Ltd., including Shandong Hualu Group Co., Ltd., Luyin Investment Group Co., Ltd., Inspur Group Co., Ltd., Qingdao Zhenyuan Ship Repair & Building Co., Ltd. has issued the "Explanation on the Tender Offer of Shandong Airlines Co., Ltd." The Shandong Airlines has decided not to sell the domestic shares of Shandong Airlines held by the Shandong Airlines to Air China in this tender offer.