Deloitte assists listing of Air China Cargo on SZSE's Main Board

Deloitte China assisted Air China Cargo Co., Ltd. ("Air China Cargo", stock code: 001391.SZ) in listing on the Main Board of Shenzhen Stock Exchange ("SZSE") on 30 December 2024.

Air China Cargo is the largest A-share IPO in 2024 in terms of funds raised. The number of shares that it issued and offered online came 1st as well.

Air China Cargo offered 1.321 billion shares, raising more than RMB3.03 billion proceeds. If the over-allotment option can be fully exercised, it can issue 1.519 billion shares, raising approximately RMB3.5 billion funds.

(From left) Terrence Bian and Starry Zhou, Deloitte China’s Audit & Assurance (A&A) senior auditors; Nicole Niu, senior manager; Rossana Ley, National A&A leader; Steven Lu and Susan Guo, partners; Shirley Zhao and Jun Meng Kang, senior managers; Sally Zhou, senior auditor; and Kiera Huang, manager, attend Air China Cargo's listing ceremony at SZSE

Client overview

Air China Cargo is China's only cargo carrier that that has its aircraft carrying the national flag. It is dedicated in serving the national strategy.

Air China Cargo operates a fleet of over 20 medium- and long-haul freighters, including Boeing 747s, 777s, and Airbus 330s. Backed by the adequate belly capacity of more than 900 passenger aircraft within the Air China group, it covers a network encompassing the major domestic and overseas cargo sources and developed international regions. Air China Cargo has a wealth of resources from the routes that it operates and air traffic rights that it holds.

In addition, Air China Cargo is the first batch of air cargo carriers that obtained the business license for express delivery. It is China's first cargo carrier that flied across the North Atlantic airspace, and the Chinese mainland's first cargo airline that uses sustainable fuel for commercial flights.

Deloitte’s role

As one of the first transitional projects following the full implementation of the registration-based regime for the Main Boards, Air China Cargo's listing is a success of the mixed-ownership reform of state-owned enterprises.

Deloitte has been providing professional services to Air China Cargo since it started the mixed-ownership reform. With its rich industry and capital market practice experience, an efficient communication and feedback mechanism, Deloitte team has been supporting Air China Cargo's IPO process, which lasted for more than three years. During this period, Deloitte has undergone a lot of challenges such as stringent regulatory reviews and many rounds of additional track record period audits/reviews. Through advance planning, accurate quality review and technical review, precise understanding of the regulatory priorities, the Deloitte professional team has helped the IPO process to become organized and efficient.

The completion of this project not only demonstrates Deloitte's expertise and strength in large-scale SOE reform and A-share IPO services, but also reflects our consistent, high service quality and professionalism.

Deloitte China congratulates Air China Cargo for listing on SZSE's Main Board. We will continue to provide high quality professional services and outstanding resources integration to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.