Shenzhen International (00152) announced that its associate company, Shenzhen Airlines, plans to conduct a phased capital increase totaling RMB 16 billion, with the group deciding not to participate. Shenzhen Airlines has successfully introduced Shenzhen Kunhang Investment Partnership (Limited Partnership) as a new investor through a public listing and signed the capital increase agreement and related documents on December 18, 2025.

Under the agreement, Air China and Kunhang Investment will invest approximately RMB 2.082 billion and RMB 2 billion, respectively, to subscribe to Shenzhen Airlines' newly increased registered capital. Upon completion of the first phase of the capital increase, Shenzhen International's stake in Shenzhen Airlines will be diluted from 49% to approximately 28.09%. Air China and Kunhang Investment will hold 51% and about 20.91% of Shenzhen Airlines, respectively, with Shenzhen Airlines remaining an associate company of Shenzhen International.

Air China and Kunhang Investment will sign further agreements for subsequent capital increases in due course, and Shenzhen International's stake in Shenzhen Airlines is expected to be further diluted.