Spring Airlines Co., Ltd.


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Mar 23, 2017
Prev close: 37.01
Mar 23, 2017
Market cap:
Market cap(USD):
Shares: 800.57M

Currency in CNY

Company profile

Market(Ticker): SHG(601021)
Full time employees: 4,630

Business summary

Spring Airlines Co., Ltd. engages in the provision of local and international aviation services. It offers domestic routes such as Guangzhou, Zhuhai, Kunming, Xiamen, Shenyang, Harbin, Urumqi, Haikou, Guilin, Wenzhou and Qingdao. It also offers international routes within Asia. The company was founded by Zheng Hua Wang on November 1, 2004 and is headquartered in Shanghai, China.

Company background

Spring Airlines is a Chinese commercial airline based in Shanghai and is the nation's first low-cost carrier. Founded in 2004, the company made its maiden flight in July 2005. Demand for both domestic and overseas tours is growing in China along with an increase in the number of middle-income consumers. Spring Airlines is seeking to capitalize on the trend by minimize the cost of management and offering bargain fares.

Listed on the Shanghai Stock Exchange, Spring Airlines originated from Shanghai Spring International Travel Service founded in the 1980s by Wang Zhenghua after retiring from a civil service position. Wang developed the company into one of the largest private travel agencies in China.

While railways were the principal means of transportation in China until around 2000, Wang entered the aviation business in expectation of a steep increase in demand for flight services.

Spring Airlines currently flies over more than 50 domestic and international routes in total. Promoting cost cuts including fee-based in-flight meals, the company offers special discount tickets such as 99 yuan and 199 yuan.

Spring Airlines is also pushing ahead with business strategies to remain in the black despite lower fares. For example, the promotion of marketing campaigns enables the company to operate at more than 90% of capacity.

At present, Spring Airlines offers fares 30% lower on the average than rivals and maintains a seat-occupancy rate of more than 95%, it said.

In the news

Financial highlights

Dec 2015

  • Local currency
  • US Dollar
Revenue 8,069.60M
Gross profit 1,591.79M
Operating income 1,175.45M
Income before tax 1,921.30M
Net income 1,327.85M
EBITDA 1,591.16M
Diluted EPS 1.66
Dividends per share 0.21
Total assets 16,028.98M
Total liabilities 9,489.20M
Total equity 6,539.77M
Operating cash flow 1,612.14M

Currency in CNY

Revenue 1,283.92M
Gross profit 253.26M
Operating income 187.02M
Income before tax 305.69M
Net income 211.27M
EBITDA 253.16M
Diluted EPS 0.26
Dividends per share 0.03
Total assets 2,468.42M
Total liabilities 1,461.31M
Total equity 1,007.11M
Operating cash flow 256.50M

Currency in USD

Valuation measures

Dec 2015

PER 36.74
ROA 9.73%
ROE 26.31%
Operating margin 14.56%
Profit margin 16.45%

Key executive

  • President & Director: Yu Wang
  • CFO, Secretary & Investor Relations Contact: Ke Chen
  • Chief Engineer: Xin Yu Wu
  • Director & Vice President: Zhi Jie Wang

Share holders

  • GF Fund Management Co., Ltd.(15.0%)
  • China Securities Finance Corp. Ltd.(4.6%)
  • Fullgoal Fund Management Co., Ltd.(3.4%)
  • Penghua Fund Management Co., Ltd.(2.8%)
  • China Asset Management Co., Ltd.(2.6%)
  • China Southern Asset Management Co., Ltd.(2.1%)
  • HuaAn Fund Management Co., Ltd.(2.0%)
  • Norges Bank Investment Management(2.0%)
  • China Investment Corp. (Investment Company)(1.9%)
  • Da Cheng Fund Management Co., Ltd.(1.8%)


  • Website:
  • Address: Hangyou Binguan, No. 528 Hongqiao Airport Road, Shanghai, 200335, China
  • Phone: +86.21.22353088

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