Thursday Jul 10 2008
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Air China stock drops on approval for new shares offer
Published: Jul 10, 2008
Air China stock dropped 3.8% in Shanghai and 1.6% in Hong Kong Thursday, on concerns of equity dilution a day after the airline said it has received an approval of China's securities market regulator to issue new shares. In a statement late Wednesday, Air China said the China Securities Regulatory Commission has approved a public offering of up to 400 million Shanghai-listed shares within six months. The decline was in spite of reports that Air China and China Southern Airlines Co. will raise fuel surcharges on international routes by as much as 38% beginning Thursday to offset higher costs. Shares of China Southern fell 2.7% in Shanghai and 2.9% in Hong Kong.
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