China Express Airlines plans to launch an initial public offering (IPO) by circulating no more than 40.5 million shares for fleet expansion, according to the China Securities Regulatory Commission (CSRC).
According to a filing with the (CSRC), the privately-owned carrier intends to offer 40.5 million new shares, or 10.11% of its total share capital post-IPO, up to investors. It hopes to raise up to CNY 1.68 billion yuan ($244.7 million) which will be put towards the purchase of six CRJ-900 aircraft, three engines, and the construction of a China Aviation Training Center (School) Project (Phase I).

If the Guiyang-based carrier receives regulatory approval, it will become the first Chinese regional airline to go listed and the eighth-listed Chinese carrier.

China Express reported a net profit of CNY295.3 million ($43 million) for the first nine months of 2016; operating revenue was CNY 2 billion for the nine-month period.