Shenzhen International (00152.HK) will not participate in the capital increase of Shenzhen Airlines, and its shareholding will be significantly diluted from 49% to 28.09%.

China Aviation News App announced that Shenzhen International (00152.HK) has issued a notice stating that its associated company, Shenzhen Airlines, plans to increase its capital in stages totaling 16 billion yuan. The group has decided not to participate in the capital increase. Shenzhen Airlines has successfully introduced Shenzhen Kunhai Investment Partnership Enterprise (Limited Partnership) as a new investor through public listing, and on December 18, 2025, they signed a capital increase agreement and related documents. China Aviation and Kunhai Investment will each contribute approximately 2.082 billion yuan and 2 billion yuan respectively to subscribe to the new registered capital of Shenzhen Airlines. After the completion of the first stage of capital increase, the group's equity in Shenzhen Airlines will be diluted from 49% to approximately 28.09%. China Aviation and Kunhai Investment will respectively hold 51% and approximately 20.91% of the equity in Shenzhen Airlines, which will continue to be an associated company of the group. China Aviation and Kunhai Investment will sign relevant agreements for subsequent capital increases at the appropriate time, and the group's equity in Shenzhen Airlines is expected to be further diluted.