China Eastern Airlines Corporation (abbreviation: Eastern Airlines) China Eastern Airlines Corporation Limited (NYSE: CEA, Hong Kong Stock Exchange: 0670, Shanghai Stock Exchange: 600115) was founded in 1988 and is headquartered in Shanghai, China. It has 75,277 full-time employees and is a China Eastern Airlines Group A subsidiary of the company (China Eastern Air Holding Company) is a member of the SkyTeam alliance, and together with China Airlines and China Southern Airlines , it constitutes China’s three major airlines.
China Eastern Airlines (CEA):
China Eastern Airlines Co., Ltd. (China Eastern Airlines) is a state-owned airline headquartered in Shanghai, China. It was formed by the merger of China Northwest Airlines and China Yunnan Airlines on the basis of the original China Eastern Airlines Group. It is the first airline of China’s civil aviation to be listed in Hong Kong, New York and Shanghai. On February 4, 5 and November 5, 1997, China Eastern Airlines Co., Ltd. was jointly traded on the New York Stock Exchange and Hong Kong. The stock exchange and the Shanghai Stock Exchange were successfully listed. It is one of the three major state-owned major aviation companies in China (the other two are Air China Co., Ltd. and China Southern Airlines Co., Ltd.).
China Eastern Airlines is the second largest airline in China. Its parent company, China Eastern Airlines Group Corporation, is based on the original China Eastern Airlines, merged with China Northwest Airlines, combined with Yunnan Airlines to form a new group, and cooperated with China Airlines. The company and China Southern Airlines Group are collectively known as China’s three major aviation groups, and completed the joint reorganization with Shanghai Airlines in 2010.
In addition to the main air transportation business, China Eastern also operates other secondary businesses such as aviation food, import and export, media advertising, travel ticketing, and airport investment. In addition, Eastern Airlines also owns a third of Jetstar Hong Kong.
As of December 31, 2017, China Eastern Airlines had 637 aircraft, including 627 passenger aircraft and 10 commercial aircraft.
China Eastern Airlines (CEA) History:
- In January 1957, the Shanghai Administration Office of the former Civil Aviation Administration of China prepared to establish the first flying squadron after the Shanghai Kuomintang Civil War. The squadron has since undergone several integration expansions and name changes.
- In 1988, in accordance with the management system reform plan of “separation of government and enterprise” of China’s civil aviation, China Eastern Airlines was established on the basis of the fifth flight group of the flight team, and the other branches of the team were successively transferred to the newly established China Eastern Airlines .
- On March 14, 2006, China Eastern Airlines became the first partner (air passenger transport) for the 2010 Shanghai World Expo. China Eastern Airlines selected Airbus A340-600 passenger aircraft (registration number B-6055) to launch the World Expo aircraft with painted paint.
- On September 2, 2007, China Eastern Airlines signed a cooperation framework agreement with Singapore Airlines and Singapore Temasek Holdings to form strategic partners with them through the private placement of H shares. H shares held by Singapore Airlines and Temasek accounted for 15.7% and 8.3% of the total share capital, respectively. This agreement was eventually rejected by shareholders due to the opposition of Air China.
- On July 31, 2008, China Eastern Airlines announced that it would re-negotiate the sale of shares with Singapore Airlines after the Beijing Olympics.
- On July 13, 2009, China Eastern Airlines announced that it would fully acquire Shanghai Airlines for RMB 9 billion and will reissue new shares; on the same day, China Eastern Airlines relisted on the Hong Kong Stock Exchange.
- On June 21, 2011, China Eastern Airlines and its subsidiary Shanghai Airlines formally joined the SkyTeam alliance at the Great Hall of the People in Beijing, becoming the 14th member airline in the alliance.
- On March 26, 2012, China Eastern Airlines signed a memorandum of understanding with Jetstar Airways, a subsidiary of Qantas Airways, to set up a half-shared low-cost airline company Jetstar Hong Kong in Hong Kong, which will start to provide services in 2013. A total of 115 million U.S. dollars was invested, which may increase to 198 million U.S. dollars.
- In 2011, China Eastern Airlines achieved operating income of 83.975 billion yuan, a year-on-year increase of 12.03%; net profit attributable to shareholders of listed companies was 4.887 billion yuan, a year-on-year decrease of 9.18%; basic earnings per share was 0.4334 yuan, and the annual passenger traffic volume ranked among the top ten in the world name.
- On October 24, 2012, the passenger aircraft numbered B-2384 A340-300 left China Eastern Airlines, and China Eastern Airlines’ A340-300 fleet officially announced its retirement.
- On November 26, 2012, China Eastern Airlines’ wholly-owned China United Airlines and the former Hebei Branch of Eastern Airlines completed the joint reorganization and became the new China United Airlines Co., Ltd. (“New China United Airlines”). The new China United Airlines has 23 Boeing aircrafts of all colors, including China United Airlines Hebei Branch, Beijing Nanyuan Airport Management Company, and Foshan Shadi Airport Management Company, with total assets of 1.4 billion yuan.
- From September 9th to October 20th, 2013, China Eastern Airlines Group listed and transferred its 50% stake in Shanghai Cathay Life Insurance on the Shanghai United Assets and Equity Exchange, with a listing price of RMB 850 million.
- As of the first half of 2015, China Eastern Airlines has carried out code sharing on 704 routes with 12 alliance members, and also has similar cooperation with airlines outside the alliance. These companies include Asiana Airlines, Etihad Airlines, Japan Airlines, and Mandarin Airlines. Airlines, Qantas, WestJet, Kenya Airways, Juneyao Airlines, etc.
- On July 27, 2015, China Eastern Airlines and Delta Air Lines signed an agreement. The agreement included Delta Air Lines’ investment of US$450 million in China Eastern Airlines and a 3.55% stake. Later, on September 1, the two companies formally signed the “Confirmation of Delta Air Lines Strategic Entry into Shareholding Subscription Agreement” and the “Market Agreement” in Shanghai. The two parties stated that they would implement code sharing, space management, time coordination, sales cooperation, Carry out in-depth cooperation in areas such as airport facility sharing, frequent flyer programs, VIP room and system investment, and personnel exchanges to build long-term and comprehensive partnerships.
- On July 28, 2017, China Eastern Airlines announced that it would cooperate with Delta Air Lines, each with an investment of 375 million euros to acquire 10% of its joint venture partner Air France-KLM Group, and obtain a seat on the board of directors.
- On December 30, 2017, in accordance with the state-owned enterprise’s corporate restructuring work plan, China Eastern Airlines Group completed the corporate restructuring, the company name was changed to “China Eastern Airlines Group Corporation”, and the state-owned enterprise was restructured into a wholly state-owned enterprise.