Boom time for budget carriers

Low-cost airlines soar in China as they diversify their offerings and cater to the changing needs of flyers, reports Wang Wen.

Spring Airlines Co Ltd, the first low-cost carrier in China, started trading on the Shanghai Stock Exchange on Wednesday, with its price surging 44 percent to 26.15 yuan ($4.20) on the day.

The carrier issued almost 100 million shares in an initial public offering on Jan 12 at 18.16 yuan per share, much higher than the share price of any of China's four largest carriers. The funds will be used to double its fleet to 100 planes by 2018, it said.