China Express Air on course to be listed

Chongqing-based China Express Air is on course to be the first listed Chinese regional airline with a proposed initial public offering on the Shenzhen Stock Exchange later this year.

China Express said it plans to issue up to 40.5 million shares on the Shenzhen bourse and raise nearly 1.68 billion yuan ($240 million).

The funds will be used to purchase aircraft and engines and establish an aviation training school, according to its prospectus released on the website of the China Securities Regulatory Commission.