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Airlines

Name: JUNEYAO AIRLINES
7JetSet7 Code: JYA
Status: Operational
Region: CHINA
City: SHANGHAI
Country: CHINA
Employees 777
Web: juneyaoairlines.com
Email: marketing@juneyaoairlines.com
Telephone: +86 21 2238 8888
Fax: +86 21 2235 6222
Sita:
Background
(definitions)

Click below for data links:
JYA-2011-09-INCDT
JYA-2015-12 - 50th A320 Family Aircraft.jpg
JYA-2016-11 - 787-9 Order.jpg
JYA-CABIN ATTENDANT

Formed in 2005 and started operations in 2006. Domestic, regional & international, scheduled & charter, passenger & cargo, jet airplane services.

Address:
80 Hongxiang San Road
Hongqiao International Airport
Shanghai 2003356, China

China (People's Republic of China) was established in 1949, it covers an area of 9,560,980 sq km, its population is 1,265 million, its capital city is Beijing, and its official language is Chinese.

September 2006: Main Base: Shanghai Hongqiao Airport (domestic only). Juneyao Airlines (JYA) will launch domestic operations from Shanghai Hongqiao Airport to destinations including Changsha, Sanya, Taiyuan, and Zhengzhou.

Has applied to have a base at Shanghai Pudong International Airport but is prepared to wait until 2008, before launching international services with A330's.

Next year, plans to take at least 13 airplanes and compete as a full-service airline aimed at "the high-end business (C) traveler."

Inaugural flight, Shanghai to Changsha.

Receives its 1st airplane, an A319-100 (2879, B-6232), (GECAS) (GEF) leased - see photo. Has a Memo of Understanding (MOU) with Airbus (EDS) for 40 airplanes, including wide bodies. This year, it will introduce 2 A319's and 1 A320, all (GEF) leased.

October 2006: A319-112 (2813, B-6233), (GEF) leased.

December 2006: By January 2007, Juneyao Airline (JYA) will have +2 airplanes. (JYA) Will utilize its A320s on domestic trunk routes connecting Shanghai, Zhengzhou, Taiyuan, Changsha, and Sanya.

A320-214 (2975, B-6298), (GEF) leased.

February 2007: A320-214 (3027, B-6311), Dragon Aviation Leasing leased.

May 2007: China's new privately run Low Cost Carriers (LCC)s are looking to strategic investors as a method of raising capital, as it is becoming increasingly difficult to access traditional sources of bank lending, owing to the airlines' less-than-stellar financial performance. Juneyao (JYA) Group announced that its Juneyao Airlines (JYA) subsidiary is seeking a strategic investor to aid in (JYA)'s long-term development. The announcement was made after (JYA) said the (JYA) was profitable in April and expects to post a full-year profit as well. Actual results were not disclosed. (JYA) (CEO) Huang Hui said that "the right candidate" should be an investment bank with ample experience in the air transport industry to aid both domestic and future international expansion.

June 2007: 6 orders A320s.

August 2007: China's Low Cost Carrier (LCC)s, which are facing a lack of access to trunk routes, restriction on the introduction of new airplanes and pilot (FC) shortages, are experiencing mixed results in their efforts to attract the foreign investors they need to move forward with listing plans. Spring Airlines (CQH) has met with success, sealing a deal with Citibank under which the latter will serve as strategic investor and financial adviser, (CQH) spokesperson Zhang Lei revealed. (CQH) intends to list either in Shanghai or Hong Kong in 2009.

East Star Airlines (ESA), which is profitable, has presented its listing plan to 6 international investment banks, including JP Morgan and Merrill Lynch, and +5 additional foreign banks. However, Banque de L'IndoChine graded East Star (ESA) as a "3rd class" carrier, behind "1st class" Air China (BEJ), China Southern Airlines (GUN), and China Eastern Airlines (CEA), and "2nd class" carriers like Shanghai Airlines (SHA), Shenzhen Airlines (SHZ), and Sichuan Airlines. It said it would consider an approximately $100 million investment if and when (ESA) is upgraded to "2nd class."

Juneyao Airlines (JYA) (CEO) Huang Hui revealed (JYA) hopes to list by next summer's Olympic Games in Beijing and is working on an initial private placement scheduled to be concluded by year end.

(JYA) plans to raise $150 million through the initial public offering (IPO) sale of a 25% stake. Citibank is advising (JYA) on the planned transaction.

Among other start-ups, Shanghai-based Juneyao Airlines (JYA) is preparing an overseas private placement of 20% to 25% and expects to raise approximately $150 million in an (IPO).

Industry analysts have noted that the timing is right for Chinese (LCC)s to introduce new investors and plan (IPO)s, as the interest of foreign investors has been raised by the industry's improved performance in the 1st semester and expectations of continuing appreciation of the yuan.

September 2007: A320-214 (3234, B-6340), (GEF) leased, delivery.

October 2007: Shanghai-based Juneyao Airlines (JYA), benefiting from robust domestic growth and yuan appreciation, earned a net profit of +CNY18 million/+$2.4 million from January to August, operating with an average load factor of 80% LF, President Wang Junjin revealed on the occasion of (JYA)'s 1-year anniversary. He expressed satisfaction with the result, considering the company's youth. Buttressed by the solid result, (JYA) is seeking to sell a 20% to 25% stake to an international investor. "We hope to reduce our debt ratio through private placement," Wang explained. He noted that the company plans to list its shares in the future, but declined to reveal a timetable. (JYA) also is considering launching international service to major Asian countries soon. It currently operates 2 A319s and 3 A320s. It will take delivery of an A320 this month, and plans to place orders for as many as 30 airplanes by 2010, comprising a mix of A320s and A350s.

It has been reported that Shanghai-based, Juneyao Airlines (JYA) plans to open routes to SE Asia next year, according to President Wang Junjin.

A320-214 (3268, B-6341), (GEF) leased.

November 2007: Juneyao Airlines (JYA) said it is accelerating preparations for going listed next year. Regarding the pilot (FC) shortage, spokesperson Wang Zhong said Juneyao (JYA) will hire foreign pilots (FC) as well as train its own in domestic flight schools to accommodate fleet expansion.

January 2008: Juneyao Airlines (JYA) sold a 25% stake to a foreign private fund for $100 million, a source at (JYA) said, taking the Low Cost Carrier (LCC) 1 step closer toward its goal of listing on an overseas market by early 2009. "It took us about 6 months to conclude our negotiation with this private fund for the stake sale deal, which will provide strong financial support to our fleet expansion," the source said, refusing to reveal the name of the buyer. (JYA) plans to introduce 6 airplanes this year, and increase its fleet to 30 by 2010. It currently operates 2 A319s and 3 A320s.

1 of China's few profitable (LCC)s, Juneyao (JYA) reported net earnings of +CNY18 million/+$2.5 million and a passenger load factor of >80% LF in the 1st 8 months of 2007. (CEO) Huang Hui noted that (JYA) is expected to post full-year net income of +CNY25 million.

Industry analysts noted that Chinese (LCC)s have begun to show their competitive edge in the domestic airline industry, but still face significant disadvantages compared to their much larger state-owned rivals.

A320-214 (3368, B-6338), (GEF) leased.

April 2008: Juneyao Airlines (JYA) is a privately-owned Chinese carrier operating jet airplane flights from Shanghai over 30 routes between major Chinese cities.

(IATA) Code: HO - 018.

(ICAO) Code: (DKH) - (Callsign - AIR JUNEYAO).

Main Base: Shanghai Hongqiao International Airport (SHA).

May 2008: A320-214 (3485), (GEF) leased.

September 2008: A320-214 (3596), ex-(F-WWDI), delivery.

November 2008: Despite the Chinese government's attempt to ease the burden on airlines by reducing landing fees -20% in March, 29 Chinese carriers had failed to pay about CNY4 billion/$585.1 million combined to airports as of September 30, according to the China Civil Airports Association (CCAA). The (CCAA) noted that domestic airlines owed CNY532 million on February 29, with Hainan Airlines (HNA) in arrears -CNY102.2 million. China's big 3 of Air China (BEJ), China Southern Airlines (GUN), and China Eastern Airlines (CEA) owed CNY45.7 million, CNY64.9 million and CNY44.2 million, respectively. Smaller privately held carriers like East Star Airlines (ESR), Okay Airways (OKA), and Juneyao Airlines (JYA) are debtors as well. The (CCAA) Secretary General, Wang Jian said the defaults mainly comprise fees covering landing, parking and security services. Chengdu-based Eagle Airlines (UEG) reportedly has grounded 2 airplanes, owing to its shortage of liquid capital and severe debt burden. The (CCAA) said Eagle (UEG)'s defaults had reached CNY39.5 million as of February 29.

In order to defend airports' interests, the (CCAA) vowed to "take collective action" against defaulting carriers, but it backed off the stance later and said it had "constructive" talks with the China Air Transport Association, which represents domestic airlines. The organizations agreed to maintain communication in search of a solution.

December 2008: Okay Airways (OKA) passenger operations will shut down for 1 month, owing to conflicts between airline management and the controlling stakeholder Juneyao (JYA) Group, which sent a letter to the (CAAC) claiming it no longer is able to guarantee Okay (OKA)'s operational safety. (OKA) will suspend operations from December 15 to January 15, as instructed by the (CAAC) (CAC), which will send staff to audit (OKA)'s safety standards. It has delayed taking delivery of its 2nd MA60.

(OKA)'s cargo cooperation with FedEx (FED) will continue to operate as usual. Juneyao (JYA), which controls 63% of (OKA), said (OKA) will earn a profit from its cargo business this year, but will continue to suffer losses on its passenger operation, as the Chinese market continues to decline. (OKA) had hoped to introduce a 3rd-party strategic investor, but the Juneyao Group rejected the strategy and plans to Okay (OKA) with its Shanghai-based, Juneyao Airlines (JYA) subsidiary.

The Chairman of (OKA)'s controlling shareholder, the Juneyao Group (JYA) Wang Junjin, promised that the troubled airline will resume flying "as soon as possible" following a 1-month shutdown imposed by the (CAAC) (CAC). Wang admitted that Okay (OKA) has been suffering operating losses owing to "its unclear management focus to operate trunk routes and regional routes at the same time, as well as to explore not only the passenger transport market, but also the cargo transport market." In response, Juneyao (JYA) fired (OKA) Chairman, Liu Jieyin. It said it has no plan to lay off (OKA)'s general staff.
Owing to difficulties in securing profitable routes and pilots (FC), smaller privately run Chinese carriers are struggling to survive, especially in the current difficult environment. Wang said he plans to optimize (OKA)'s route network, improve efficiency, and reduce operating costs in order to boost performance.

(OKA) currently operates 3 737 passenger airplanes, 3 737-300Fs, 1 MA60 and 2 Y-8s on nearly 20 domestic routes.

February 2009: Shanghai-based, Spring Airlines (CQH) and Juneyao Airlines (JYA) stood out among China's struggling privately held airlines and reported a profitable 2008.

Spring (CQH) posted a +CNY21 million/+$3.1 million net profit last year, down -70% from >+CNY70 million earned in 2007. It credited the result partly to a CNY20 million civil aviation infrastructure payment imposed in the 2nd half of last year. (CQH)'s operating revenue climbed +32% year-over-year to CNY1.62 billion as it transported 2.9 million passengers, up +26%, with an average load factor of 93.3% LF.

Juneyao Airlines (JYA) posted a +CNY11.5 million net profit in 2008. It carried 1.4 million passengers.

In contrast to (CQH) and (JYA), other privately run carriers are suffering from capital shortages and struggling to survive in the difficult operating environment. Unlike state-owned airlines, they are unable to secure financial aid from the government. Wuhan-based, East Star Airlines (ESR) and Chengdu-based, United Eagle Airlines (UEG) are unable to pay significant bills owed to certain airports, while Tianjin-based, Okay Airways (OKA) suffered a -CNY200 million net loss in 2008.

Industry analysts assert that most private airlines will have no other option but to merge with the bigger domestic carriers. United Eagle (UEG) is seeking strategic investors for a CNY100 million capital injection while East Star (ESR) has had initial discussions with Air China (BEJ) parent, China National Aviation Holding Company about a stake sale.

July 2009: Juneyao Airlines (JYA) is targeting +CNY50 million/+$7.3 million in net earnings this year, a result that would dwarf the +CNY11.5 million profit reported in 2008, according to Chairman, Wang Junjin. (JYA) was profitable last year despite the difficult external operating environment and declining market demand. It is noteworthy that (JYA), launched in June 2005, was profitable in 2007 as well and has attracted high-end customers successfully although it operates few business routes.

It started with registered capital of CNY150 million, which Wang said recently has been increased to CNY250 million by parent the Juneyao Group. It operates a fleet of 11 A320 family airplanes and took delivery of its 1st purchased A320. The remaining 10 are on lease. Wang said (JYA) plans to introduce +3 more purchased airplanes before year end and expand to 21 airplanes by 2013.

According to its summer and fall flight plan approved by the (CAAC) (CAC), (JYA) launched a Shanghai Hongqiao (SHA) - Hailar service that is the only one of its kind and boosted frequencies from (SHA) to Hohhot, Baotou, Sanya, and Qingdao.

"We expect to be approved to operate Hong Kong and Macau routes by this year end, which will be followed by international routes to SE Asian countries," Wang revealed. Looking ahead, he expects that "Expo 2010 Shanghai" will present a good opportunity to the domestic airline industry. Based on (CAC)'s forecast, Shanghai Pudong and Hongqiao will handle 84 million passengers during the May - October world expo period. (JYA) plans to be operating at least 16 airplanes by May.

In addition, Wang shrugged off the potential competitive pressure caused by the merger between China Eastern Airlines (CEA) and Shanghai Airlines (SHA): "The merger is conducive to building Shanghai into an international aviation hub, as the merged carrier will grab about a 50% share of the Shanghai market. Although we are a small carrier, we can find our own living space by providing differentiated service on some exclusively operated routes."

Okay Airways (OKA) Chairman Wang Junjin said (OKA) will add 1 or 2 new investors within 2 months that will provide a capital injection of +CNY200 million/+$29.2 million to bolster the troubled airline. The Tianjin municipal government reportedly is one of the potential investors and is expected to purchase a 40% stake, but Wang refused to confirm this. (OKA) currently has a registered capital of CNY300 million. The Juneyao Group (JYA), of which Wang is also the Chairman, controls a 63% stake, while Beijing Dadiqiao Investment Company and 3 other individuals hold the remainder.

Asked if the capital injection will dilute Juneyao (JYA)'s holding, Wang said, "It is not important whether we are the controlling stakeholder or not after the capital injection. It's more important for (OKA) to maintain stable growth."

(OKA) was forced to suspend operations December 15, 2008 to January 15, owing to conflicts between airline management and Juneyao (JYA). Wang admitted the problems remain unresolved, but he insisted that the internal conflicts won't impede the company from attracting new investors. "(OKA)'s stock equity structure will change after we introduce new investors, which will alleviate the conflicts," he said.
However, the problems have had a negative impact on (OKA)'s safety standards. A (CAAC) source revealed that the regulator has told (OKA) to strengthen its level of safety or face the prospect of having its operations restricted.

Wang rejected the notion that (OKA) will have to suspend operations again and claimed that it now enjoys a stable cash flow. He added that it recently resumed cargo services.

(JYA) took delivery of its 1st purchased A320. (JYA) also operates 2 leased A319s and 8 leased A320s, with +10 more due to join the fleet through lease and purchase by 2013. (JYA) ordered 6 A320s in June 2007. The airplane is powered by (CFM56) engines and will seat 158 passengers across 2 classes.

A320-214 (3967, B-6572), delivery.

August 2009: A320-214 (3984, B-6602), Aerdragon Aviation Partners leased.

November 2009: Juneyao Airlines (JYA) expects to report a net profit >+CNY70 million/+$10.2 million this year, a significant increase over the +CNY50 million forecast in July, and now expects earnings greater than >CNY100 million in 2010, owing to strong domestic demand and fleet expansion, according to Chairman Wang Junjin. (JYA) posted a +CNY11.5 million surplus in 2008. (JYA) operates 12 A320s and plans to introduce +2 by year end. (JYA) expects to expand to 16 in time for Expo 2010 in Shanghai and add 13 more by 2013. It is considering listing on the Shanghai Stock Exchange and would prefer to add an investor from inside the industry rather than from the financial sector, although Wang said, "it's not our current priority." (JYO) parent, Juneyao Group recently sold its share in United Eagle Airlines (UEG). It also holds a controlling stake in Okay Airways (OKA) but, "from now on, we will give priority to (JYA)'s growth," Wang said.

A320-214 (4102, B-6618), AerDragon Aviation Partners leased.

December 2009: A320-214 (4154, B-6619), delivery.

February 2010: A320-214 (4064, B-6640), delivery.

March 2010: The Juneyao Group sold its 63% stake in Tianjin-based Okay Airways (OKA) to Chinese cargo and logistics company, the Da Tian W (DTW) Group and said it prefers to concentrate on building its Shanghai-based Juneyao Airlines (JYA).

(OKA) was China's 1st privately run airline when it was launched in May 2004, but it has yet to turn a profit. The losses have been attributable partly to conflicts between the Juneyao Group and other investors that resulted eventually in (OKA)'s suspension of operations in December 2008. It resumed flying 1 month later, although disagreement about its future remained. Juneyao Group Chairman Wang Junjin then revealed he intended to sell its majority share in (OKA) to a strategic investor.

It is noteworthy that Juneyao (JYA) also sold its stake in another privately held carrier, United Eagle Airlines (UEG), last year. "We want to focus our attention on (JYA) from now on, which might work better than making investments in other carriers," Wang explained.

The sale has been approved by the (CAAC), and (DTW) Chairman Wang Shusheng will become the Okay (OKA) Chairman. (OKA) operates 3 737-800s, 3 737Fs, 2 Yun-8s and 1 MA60 on >20 domestic routes. It will introduce 3 or 4 additional 737-800s and +2 MA60s by year end and aims to expand its fleet to 10 airplanes over the next 3 years.

(OKA) suffered a -CNY500 million/-$73.1 million net loss last year and (DTW) is negotiating with several companies regarding further investment. Founded in 1992, Beijing-based (DTW) operates 23 international freight forwarding stations and 33 distribution centers. It sold its domestic courier network to FedEx (FED) in 2007.

Shanghai Hongqiao International (SHA)'s new Terminal 2 became operational as the city prepares for "Expo 2010" scheduled to run from May to October. 11 carriers: China Eastern Airlines (CEA), Shanghai Airlines (SHA), Air China (BEJ), China Southern Airlines (GUN), Xiamen Airlines (XIA), Shenzhen Airlines (SHZ), Shandong Airlines (SHG), Hainan Airlines (HNA), Tianjin Airlines (GCR), Sichuan Airlines (SIC) and Juneyao Airlines (JYA) have transferred to the new terminal. The old T1 will continue to house Spring Airlines (CQH) and charter flights to Japan and South Korea.

Total investment in T2 was approximately CNY11.5 billion/$1.7 billion. It can accommodate 30 million passengers annually, triple the intended number for T1, which was overloaded in 2009 with 25 million passengers and nearly 190,000 airplane movements. Hongqiao (SHA)'s new 2nd runway, which can handle the A380, also entered operation. With the greater capacity at (SHA) airport, China Eastern (CEA) is expected to increase its slot holding there by +50%, which General Manager, Ma Xulun has said will boost (CEA)'s Shanghai market share by +3 points to 50%. Spring (CQH) Chairman Wang Zhenghua said (CQH) will add 5 slots.

April 2010: A320-214 (4276, B-6670), Aerdragon leased.

August 2010: A320-214 (4401, B-6717), ex-(F-WWBK) delivery.

November 2010: Juneyao Airlines (JYA) raised its profit forecast to >+CNY400 million for this year owing to the Shanghai World Expo held from May to October, according to (JYA) Chairman Wang Junjin.

(JYA) earned a net income of +CNY108 million/+$16.2 million last year. Currently, (JYA) operates a fleet of 17 airplanes comprising two A319s and 15 A320s on >30 domestic routes. It is also eyeing the international market and received an international route operating license from the (CAAC), which means it was granted approval to operate new international and regional routes but still needs a green light from the regulator when it applies to operate specific routes.

(JYA) is to open a route to Hong Kong from Shanghai by the end of this year. It is also applying to the (CAAC) to serve Sapporo, which it plans to open next January, pending approval.

January 2011: Juneyao Airlines (JYA) made a $63 million net profit for all of 2010 on about $500 million in revenue.

(JYA), which is privately held and based in Shanghai, caters more to business (C) travelers with its A320 service from both Hongqiao and Pudong airports. (JYA) serves roughly 20 mainland cities (though not Beijing or Guangzhou) and (like Spring Airlines (CQH)) recently began Hong Kong service. (JYA) has eyes on Japan, Korea, and the (ASEAN) region as well.

Spring Airlines (CQH), China's most profitable Low Cost Carrier (LCC), said it will launch a new 4x-weekly charter A320 Shanghai - Takamatsu service, part of a planned expansion in the Japanese market over the next few years. (CQH) noted it would change the charter flights into scheduled flights when market conditions improve.

(CQH) reported net income of +CNY470 million/+$71 million in 2010, nearly tripling its 2009 net profit of +CNY158 million. In January, it announced it would launch an Initial Public Offering (IPO) to help fund its fleet expansion.

Spurred on by its profitable Shanghai - Ibaraki route, on which load factors average 98% LF, (CQH) said it will accelerate its growth in Japan. It plans to open 3 or 4 new routes to Hokkaido, Honshu and Kyushu in the short term and open >20 new routes to Japan in the long term. A (CQH) spokesman also noted (CQH) plans to open charter routes to Thailand and Indonesia this year.

Juneyao Airlines (JYA) received approval to open routes to Japan and plans to launch Shanghai - Sapporo service this year.

1 A320-214 (4429/TJ37) delivery assembled in Tianjin. 1 A320-214 (4573, B-6736) delivery, ex-(F-WWBT).

June 2011: Airbus (EDS) delivered the 50th A320 family airplane assembled by its Final Assembly Line in China (FALC) at the Airbus Tianjin Delivery Centre, to Juneyao Airlines (JYA). (JYA) operates 2 A319s and 17 A320s. The 1st (FALC)-assembled A320 family airplane was delivered to Sichuan Airlines (SIC) in 2009.

September 2011: INCDT: SEE ATTACHED - - "JYA-2011-09-INCDT."

November 2011: Juneyao Airlines (JYA) is preparing to launch an Initial Public Offering (IPO) in the Shanghai Stock Exchange for fleet expansion.

The privately run airline was launched in June 2005 with a registered capital of CNY150 million/$23.6 billion. The Juneyao Group, the controlling stakeholder, later injected an additional CNY100 million capital to it.

(JYA) operates a fleet of 21 airplanes, mainly on domestic routes. It received (CAAC) (CAC) approval to operate international routes last year and plans to open more routes from Shanghai to Japan, Korea and neighboring Southeast Asian countries.

(JYA) posted a net income of +$416 million in 2010, nearly tripling its net profit year-over-year.

Separately, Shanghai-based low-cost carrier (LCC) Spring Airlines (CQH) also plans to launch an (IPO) in the coming days.

A320-214 (4833, B-6768), ex-(F-WWIV), AerDragon leased.

January 2012: 2 A320-214s (4840, B-6861; 4981, B-6860), deliveries.

June 2012: Juneyao Airlines (JYA) has converted an outstanding order for an A320-200 into an A321-200 order. It does not currently operate any A321s but operates an all-A320 family airplane fleet consisting of 2 A319-100s and 24 A320-200s.

July 2012: (CFM) International has a $100 million Juneyao Airlines (JYA) order to supply (CFM56-5B) (PIPS) for 5 A321s for delivery starting in 2013.

A320-214 (5013, B-6921), ex-(B-511L), delivery.

September 2012: All Nippon Airways (ANA) said that 40,000 seat reservations were cancelled on flights between Japan and China from September to November, due to escalating political tension between the 2 countries over a chain of disputed islands in the East, "Reuters" reported.

Japan Airlines (JAL) previously announced it would temporarily cut some of its daily services.

Juneyao Airlines (JYA) has delayed the opening of its new 4x-weekly, Shanghai - Okinawa route to November, which was scheduled to launch September 20. Spring Airlines (CQH) cancelled its 10 charter flights to Tottorri, which was to launch September 23.

November 2012: Juneyao Airlines (JYA) launched its 1st route to Thailand – (JYA)’s 3rd international route, on November 9. (JYA) now offers 4x-weekly departures from Shanghai Pudong (PVG) to the popular Thai resort of Phuket (HKT). A320s will be deployed on the route, on which Juneyao Airlines (JYA) will compete against Shanghai Airlines (SHA)’s 14x-weekly flights.

December 2012: (GE) Capital Aviation Services Limited (GECAS) (GEF), announced it will lease 5 new A320 airplanes and 2 new A321 airplanes to Juneyao Airlines (JYA) to expand (JYA)’s fleet.

(GEF) delivered the 1st 2 A320s in September and October. The remaining A320s are scheduled for delivery in 2013 and the 2 A321s are scheduled for delivery in 2014. All 7 airplanes come from (GEF)’s existing order book with Airbus (EDS).

Juneyao Airlines (JYA) started operations in 2006 as one of China’s private airlines. Today, it operates a fleet of >30 airplanes to 50 destinations in China, serving mainly business (C) travelers between Shanghai and the manufacturing region of the Pearl River Delta.

January 2013: Juneyao Airlines (JYA) continues its international expansion to the Thai market, as it launched its 2nd route to the country on January 16. Following the Phuket service, which commenced in November 2012, (JYA) now also connects Shanghai Pudong (PVG) and Bangkok (BKK). (JYA) deployed A320s for the daily 2,900 km flights and faces substantial competition from existing services provided by Shanghai Airlines (SHA) (21x-weekly departures), China Eastern Airlines (CEA) (14x-), Thai Airways (TII) (14x-), Spring Airlines (CQH) (7x-) and Sri Lankan Airlines (LNK) (5x-).

A320-214 (5226, B-6965), ex-(B-512L), delivery.

April 2013: Shanghai Pudong expects its 4th runway to be completed at the end of 2013 but new slots are unlikely to be available until some point in 2014. It is not clear (not even to Chinese carriers) how many new slots will be available, but an early estimate of +242 additional movements (+121 round trips) between +7 to +22 each day could be possible. A more deciding factor will be how much additional airspace is opened by China's military for the runway.

The majority of the new slots at Shanghai Pudong Airport (and even upwards of 75%) will likely be allocated to China's domestic carriers. China Eastern (CEA), based at Shanghai, will have to battle Air China (BEJ), which is based at Beijing but looking to establish a hub at Shanghai. As the national flag carrier, Air China (BEJ) and its lobbying network may do well. Private carriers Juneyao (JYA) and Spring Airlines (CQH) will also look to expand their home bases.

A number of carriers, including low cost carriers (LCC)s, will seek to move midnight services to daylight hours, while any number of foreign carriers will seek to expand their presence or enter Shanghai for the 1st time. Strategic allocation will help Pudong, but the decision will be heavy, almost entirely, political.

May 2013: Juneyao Airlines (JYA) started operating services on the 500 km route across the East China Sea connecting Shanghai Pudong (PVG) and Jeju (CJU) in South Korea. Beginning May 10, (JYA) offers a 4x-weekly schedule between the 2 cities, in competition with China Eastern Airlines (CEA) 2x-daily and Jin Air (JIN)’s daily frequencies. A320s operate the newly launched service.

July 2013: China's privately-owned Juneyao Airlines (JYA) is seeking a broader path. Thoughts of partnerships have progressed from ambition to reality, with Juneyao (JYA) interlining with Singapore Airlines (SIA) and more recently forming reciprocal code shares with both Air China (BEJ) and China Eastern (CEA). Despite a not insignificant fleet of 30-odd A320 family airplanes, (JYA) remains relatively unknown. That will change as (JYA) seeks deeper international partnerships. (JYA) has already caught the eye of the Star (SAL) Alliance, which has a void in its network since the 2010 exit of Shanghai Airlines (SHA) following (SHA)'s acquisition by the SkyTeam (STM) Alliance's China Eastern (CEA).

But for now, independence of a global alliance seems to be the objective for Juneyao (JYA). There are a number of independent airlines to have leveraged a strong domestic network to become friends of many, and not just from one alliance.

The code shares with Air China (BEJ) and China Eastern (CEA) are different, with little route overlap. China Eastern (CEA) is top dog in Shanghai, but Juneyao (JYA) has more Shanghai slots than China Eastern (CEA) could ever hope to gain by growing organically. Likewise for Air China (BEJ), which is trying to build up its Shanghai presence to compete with China Eastern (CEA). These are duelling ambitions and Juneyao (JYA) is in the prize. No doubt it has already received a quick lesson on managing partners.

August 2013: A320-214 (5737, B-9978), ex-(F-WWIU), (GEF) leased.

October 2013: Juneyao Airlines (JYA) has announced it will open 2 cross-strait routes (3x-weekly, Shanghai - Kaohsiung service on November 1st and 5x-weekly, Shanghai - Taipei service in December.

November 2013: Juneyao Airlines (JYA) is planning to launch a Guangzhou-based low-cost carrier (LCC) (initially to be named Jiuyuan Airlines) to tap into the labor market in the Pearl River Delta region.

Juneyao Airlines (JYA) has launched its 1st scheduled cross-straits service from Shanghai Pudong (PVG) to Kaohsiung (KHH). Service on the 960 km route began on November 1st, with (JYA) operating 3x-weekly (Wednesdays, Fridays, Sundays) using 1 of its 30-plus 157-seat A320s. Competition on the route is provided by China Airlines (CHI) (4x-weekly) and (EVA) Air (3x-weekly). Flights between Shanghai and Taipei will follow on December 1st.

December 2013: Juneyao Airlines (JYA) has become the latest carrier to offer scheduled flights between Shanghai Pudong (PVG) and Taipei Taoyuan (TPE) with the launch of its flights on December 1st. It will operate 5x-weekly flights (daily except Wednesdays and Saturdays) on the 670 km route and face extensive competition from China Airlines (CHI) (15x-weekly flights), (EVA) Air (15x-), China Eastern Airlines (CEA) (12x-), China Southern Airlines (GUN) (7x-) and Air China (BEJ) (7x-).

February 2014: (CAAC) (CAC) Central and South Regional Administration has given approval to Juneyao Airlines (JYA) for launching a low-cost carrier (LCC) subsidiary, Jiuyuan Airlines (JIU), a joint venture (JV) invested by (JYA) VP Ji Guangping, the Elion Resources Group, and the Macrolink Group.

The new (JV) is set up with a registered capital of 600 million yuan, of which 69% will be contributed by Juneyao Airlines (JYA) with 414 million yuan in cash or in kind, 15% by the Elion Resources Group with 90 million yuan, 10% by the Macrolink Group with 60 million yuan and the rest consisting of 36 million yuan invested by Ji Guangping.

As a limited liability company, (JYA)'s new budget carrier is licensed for domestic passenger and cargo transportation businesses. Based at Guangzhou Baiyun International Airport (CAN), (JYA) is set to operate A320s.

Moreover, the Guangzhou-based new entrant will initially introduce professional & technical staff from (JYA), including pilots (FC), mechanics (MT), flight dispatchers, and cabin crew (CA).

The (CAAC) has begun soliciting submissions on Jiuyuan Airlines (JIU) and said that the approval will be granted unless it is informed of reasonable grounds to reconsider the plan before February 10, 2014.

Juneyao Airlines (JYA) registered in Shanghai, with approximately 500 million yuan, mainly engaged in domestic (including Hong Kong, Macau and Taiwan) and international air passenger & cargo transportation. The Elion Resources Group, registered in Ordos, Inner Mongolia, with 800 million yuan investment, is taking desert economy, clean energy, natural pharmacy and logistics as its core industries extending to new materials and cultural tourism industries as well. The Macrolink Group, registered in Beijing, with registered capital of 800 million yuan, has mainly handling investments and advisory services in chemical, mining, real estates, financial investment, etc.

China Eastern Airlines (CEA) began 2x-weekly flights (Wednesdays and Saturdays) on February 1st between Shanghai Pudong (PVG) and Chiang Mai (CNX) in Thailand. The 2,670 km sector is already served by Juneyao Airlines (JYA), who operates the route 6x-weekly at present, though this reduces to 4x-weekly from mid-February. (CEA), which already serves Chiang Mai 2x-daily from Kunming, will operate the route with A320s. Last year, Chiang Mai International Airport handled >5 million passengers.

March 2014: Jiuyuan Airlines (JIU), a low-cost carrier (LCC) based in Guangzhou, is expected to start operations in August, according to an agreement signed between (JIU) and the local government.

Jiuyuan Airlines (JIU), the (LCC) subsidiary of Shanghai's Juneyao Airlines (JYA), inked an 8 billion yuan deal with the government of Baiyun District, Guangzhou. (JIU) will be located in Baiyuan District and make its inaugural flight in August.

(JIU) plans to introduce 26 Airbus A320s or Boeing 737s in the next 5 years and it will launch flights to destinations in China and its neighboring countries in South Asia, SE Asia, and NE Asia.

Ji Guangpin VP of Juneyao Airlines (JYA), Jiuyuan Airlines' parent company, said Jiuyuan Airlines has been given the green light by the Civil Aviation Administration of China (CAAC) in early February. "Currently, the route details are yet to be determined, because it will take some time before the application is approved. The airline plans to take delivery of 3 airplanes this year."

Guangzhou has a huge demand for (LCC) travel for its large population, said Ji. "We hope the (LCC) will help ease the traffic pressure in Guangzhou during the peak travel seasons."

Jiuyuan Airlines (JIU) will expand its fleet size in the next 5 years and extend its business scope to cover international services as soon as possible, Ji said.

April 2014: Juneyao Airlines (JYA) has bravely decided to join 6 other carriers in linking Shanghai Pudong (PVG) and Osaka Kansai (KIX). On April 15th, (JYA) launched daily flights on the 1,310 km route using its fleet of >30 A320s, joining China Eastern Airlines (CEA) (24x-weekly), Air China (BEJ) (14x-), Japan Airlines (JAL) (14x-), All Nippon Airways (ANA) (14x-), Shanghai Airlines (SHA) (7x-), and Spring Airlines (CQH) (7x-).

Juneyao Airlines (JYA) now serves some 34 destinations from Shanghai Pudong of which 11 are outside China. This is (JYA)’s 2nd route to Japan, as it already serves Okinawa.

Thailand's southern resort province of Krabi could become the latest beneficiary of the Chinese travel boom, after Juneyao Airlines (JYA) announced plans to fly direct to Krabi Airport from Shanghai.

Juneyao Airlines (JYA) will commence scheduled flights from Shanghai's Pudong International Airport on June 20, 2014. The service will operate 3x-weekly using an A320, providing a total of 474 seats per week in both directions.

According to (JYA), flights will depart Pudong Airport every Tuesday, Thursday and Saturday at 8:20 pm, arriving at Krabi International Airport 00:30 am the next day. The return service will leave the Thai resort town every Wednesday, Friday and Sunday at 01:30 am, getting back into Shanghai at 07:30 am. Krabi will become (JYA)'s 4th destination in Thailand, following Bangkok, Phuket and Chiang Mai.

Juneyao Airlines (JYA)’s low-cost carrier (LCC) subsidiary, Jiuyuan Airlines has received its air operator’s certificate (AOC) and is expected to make its maiden flight this year. The Civil Aviation Administration of China (CAAC) approved the launch of Jiuyuan in January. Jiuyuan has a registered capital of CNY600 million/$98.3 million. Juneyao Airlines (JYA) holds a 69% stake with a CNY414 million investment, while Elion Resources Group and Macrolink Holding Company holds 15% and 10% stakes, with investments of CNY90 million and CNY60 million, respectively. (JYA) VP Ji Guangping holds the remaining 6% stake with a CNY36 million investment.

According to Ji, Jiuyuan plans to operate 3 airplanes initially on domestic routes and expand its fleet to 30 airplanes operating on regional and international routes to Taiwan and neighboring Asian countries in 5 years.

More (LCC)s are entering the market as leisure travel grows and the (CAAC) adopts more favorable policies. Ji believes there is big market potential in China for domestic (LCC)s.

Jiu Yuan Airlines (Guangzhou) will launch flights in August following the signing of a CNY8 billion/USD1.29 billion cooperation agreement between the start-up and the government of Baiyun District, Guangzhou. "Currently, the route details are yet to be determined, because it will take some time before the application is approved. The airline plans to take delivery of 3 airplanes this year," Ji Guangping, the VP of Juneyao Airlines (JYA), said.

The Juneyao Airlines (JYA) subsidiary says it intends to source either 26 Airbus A320s or Boeing 737s over the next 5 years. While it will initially serve China domestically, it also plans to branch out into the region.

May 2014: Juneyao Airlines ((IATA) Code: HO, based at Shanghai Hongqiao) (JYA) is considering an Initail Public Offering (IPO) on the Shanghai Stock Exchange in a bid to raise CNY1.981 billion/USD316 million in working capital. (JYA) intends to use the proceeds to acquire "up to 7 Airbus A320s" and 2 back-up engines.

(JYA) intends to offer not >200 million shares, or <700 million shares in total capital, after the (IPO).

With a fleet of 32 A320s and 2 A321s, (JYA) operates domestic passenger flights as well as international routes to Hong Kong Chep Lap Kok, Macau International and neighboring countries, as well as business and tourist charter services.

On the back of strong domestic and regional travel demand, Chinese airlines are increasingly looking to the stock market to fund ambitious expansion plans. Spring Airlines (CQH) also announced it is looking to raise about USD408 million in its much anticipated (IPO) in Shanghai due later this year.

A new Chinese low cost carrier (LCC), Jiuyuan Airlines (JIU) has signed an agreement with Boeing (TBC) to purchase 50 airplanes worth >$6 billion, the largest ever deal made by a private airline in China.

Jiuyuan Airlines (JIU), based in Guangzhou City, China's southern business hub, got approval from the Civil Aviation Administration (CAAC) in February and is expected to begin flights in the second half of this year.

The deal was signed on May 14th. The airplanes, including Boeing's 737-800 and 737 MAX, are expected to be in operation by 2020, state-run "Xinhua" news agency reported.

The (LCC) budget carrier plans prices as low as 9 yuan/$1.46 to tap a new client source. Guangzhou is the top destination of Chinese migrant workers.

"Boeing (TBC) has sold >1,000 airplanes to China in the past 40 years and will sell another 1,000 in the next 6 to 7 years," said Ian Thomas President of Boeing China. "China will need almost +6,000 more planes in the next 20 years worth >$780 billion," Thomas said.

Jiuyuan Airlines (JIU) is jointly owned by Shanghai Juneyao Airlines Company Ltd, Elion Resources Group Limited Company, Xinhualian Holding Company Ltd and Juneyao (JYA)'s Ji Guangping with a registered capital of 600 million yuan.

June 2014: Juneyao Airline (JYA) low-cost carrier (LCC) subsidiary, Jiuyuan Airlines (JIU) is scheduled to launch formal operations around August to explore the labor market potential in the Pearl River region, according to (JYA) Chairman Wang Junjin.

(JIU) has a registered capital of CNY600 million/$97.2 million. Juneyao Airlines (JYA) holds a 69% stake with a CNY414 million investment; the Elion Resources Group and Macrolink Holding Company holds 15% and 10% stakes (with investments of CNY90 million and CNY60 million), respectively. (JYA) VP Ji Guangping holds the remaining 6% stake with a CNY36 million investment.

The Civil Aviation Administration of China (CAAC) approved the launch of Jiuyuan Airlines (JIU) in January. Wang said initially (JIU) would operate three leased Boeing 737s and plans to expand its fleet (which will operate on regional and international routes to Taiwan and neighboring Asian countries) to 30 airplanes in 5 years. Last month, (JIU) signed a deal for 50 Boeing 737s.

More (LCC)s are entering the market as leisure travel grows and the (CAAC) adopts more favorable policies. China Southern Airlines (GUN) subsidiary, Chongqing Airlines (CGQ) also plans to make a similar transformation into an (LCC). Additionally, China Eastern Airlines (CEA) plans to convert Beijing-based subsidiary, China United Airlines (CUL) into an (LCC). The (HNA) Group has moved to convert Beijing Capital Airlines (DER) and China West Air (CHO) into (LCC)s.

A321-211 (6172, B-1857), ex-(D-AVXV), (GEF) leased.

July 2014: China's 9 Air (9AL), a start-up, low cost carrier (LCC) subsidiary of Juneyao Airlines (JYA), has ordered (CFM) International's (LEAP-1B) engine to power 30 Boeing 737 MAX airplanes, in addition to (CFM56-7B) engines to power 20 Next-Generation 737s. (CFM) values the order at US$3.7 billion at list prices, including spare engines and a long-term service agreement. The airplane orders were previously announced.

Under the terms of the Rate per Flight Hour (RPFH) agreement, (CFM) will guarantee maintenance costs for all 105 (LEAP-1B) and (CFM56-7B) engines on a dollar per engine flight hour basis. "We have had a great experience operating (CFM) engines in Juneyao Airlines (JYA) and we look forward to strengthening this great relationship as we launch 9 Air (9AL)," said Wang Junjing Chairman of Juneyao Airlines (JYA). "We are confident in the reliability and operating economics of the (CFM) engines and look forward to introducing the (LEAP) engine into the mix. The exceptional fuel efficiency and low maintenance costs these engines bring, will be critical to our new low-cost operations."

"We are very pleased to welcome 9 Air (9AL) to the family of (CFM) operators," said Allen Paxson, Executive VP of CFM International. "We have had a great relationship with its parent company, (JYA) from the very beginning and we look forward to building the same kind of great relationship with 9 Air (9AL) as it launches operations."

The (LEAP-1B), which is the sole powerplant for the Boeing 737 MAX, began ground testing in June 2014 3 days ahead of schedule. The engine is part of the most extensive ground and flight test certification program in the Boeing's history and will encompass 60 engine builds over the next 3 years and will accumulate approximately 40,000 cycles before entry into service (EIS).

All of 9 Air (9AL)'s Next-Generation 737s will be powered by the (CFM56-7BE) engine, the new production configuration introduced in mid-2011. (CFM) used advanced computer codes and 3-dimensional design techniques to improve airfoils in the high- and low-pressure turbines for better engine performance. In addition, the company improved engine durability and reduced parts count to achieve lower maintenance costs. When combined with airplane improvements, the engine provides +2% better fuel efficiency and up to -4% lower maintenance costs.

The foundation of the (LEAP) engine is heavily rooted in advanced aerodynamics, environmental, and materials technology development programs. It will provide +15% better fuel consumption and an equivalent reduction in CO2 emissions compared to today's best (CFM) engine, along with dramatic reductions in engine noise and emissions. All this technology brings with it (CFM)'s legendary reliability and low maintenance costs.

* About 9 Air (9AL):

Based in Guangzhou, 9 Air (9AL) is China's newest low-cost carrier (LCC) airline and is also a subsidiary of Juneyao Airlines (JYA). The new (LCC) plans to launch domestic services to meet growing air traffic demand in China.

August 2014: Juneyao Airlines (JYA) started daily flights on August 1st between Shanghai Pudong (PVG) and Cheongju (CJJ) in South Korea. The 808 km route is flown by (JYA)’s A320s and faces no direct competition. This is (JYA)’s 3rd route to South Korea as it already links Shanghai Pudong with Jeju (13x-weekly) and Yangyang (2x-weekly flights).

On August 1, Juneyao Airlines (JYA) took delivery of a brand new Airbus A321 airplane, in order to meet the increasing travel demands during the summer travel rush. The newly introduced A321 is the 38th new airplane introduced by (JYA).

September 2014: Juneyao Airlines (JYA) has reported a 1st-half net income of +CNY191 million/+$31 million, due to the robust growth of domestic market demand.

1st-half operating revenue was CNY3.19 billion; it received a government subsidy of CNY57.1 million in the 1st half.

China’s big 3 carriers (Air China (BEJ), China Eastern (CEA), and China Southern (GUN) have all reported either sharp profit declines or losses due to exchange losses.

(JYA) reported 1st-half exchange losses of -CNY23.07 million.

Air China (BEJ)’s 1st-half exchange losses were -CNY721 million; China Eastern (CEA), -CNY660 million; China Southern (GUN), -CNY1.05 billion; and Hainan Airlines (HNA), -CNY337 million.

Juneyao (JYA) will move forward with its plan to launch an initial public offering (IPO) in the Shanghai Stock Exchange to fund its fleet expansion. It plans to circulate no >200 million shares to collect CNY1.98 billion to introduce 7 A320s and 2 alternative engines. It currently operates a single fleet of 36 A320s.

(JYA) announced it will start a round-trip Osaka - Shanghai - Yinchuan service from October 26, which will be the 1st and only direct flight between the NW city and Japan.

(JYA) will operate the new service 4x-weekly on Mondays, Wednesdays, Fridays, and Sundays, using A320s. The Yinchuan-bound flight HO1336 is scheduled to depart from Osaka International Airport (ITM) at 5:20 pm and arrive in Yinchuan at 11:30 pm, with a stopover in Shanghai from 6:50 pm to 8:30 pm; while the outbound flight HO1335 will take off from Yinchuan Hedong International Airport (INC) at 8:40 am and land in Osaka at 4:20 pm, after a stopover in Shanghai from 11:20 am to 1:00 pm (all local time).

In order to meet the travelling needs of busy Japanese business passengers, (JYA) loosens luggage limits by allowing 2-item carry-on luggage for economy (Y) class passengers, with a weight of no >23kg, and an additional item for business (C) class passengers.

Since its 1st international service to Phuket, Thailand opened in 2012, Junyao Airlines (JYA) has launched 11 international routes reaching Korea, Japan and Southeast Asia during the 2 years' development. In 2013, (JYA) handled 7,04 million passengers with an average passenger load factor of 83% LF, achieving operating revenue of 6 billion yuan (including a net profit of +300 million yuan). Currently, (JYA) operates 36 brand-new A320 Family airplanes, including 32 A320s and 4 A321s.

It is learnt that Yinchuan Airport has opened scheduled flights to Bangkok, Gangwon-do, and Dubai, as well as a short-term charter service to Mecca.

October 2014: The following 2 items were from www.WCARN.com:

News Item A-1: Juneyao Airlines (JYA) is a subsidiary of the Shanghai Juneyao (Group), with a registered capital of 500 million yuan. (JYA) operates flights out of Shanghai Hongqiao International Airport and Pudong International Airport. Its business scope includes domestic passenger and cargo services, business travel charter flights, as well as regional and international passenger and cargo services to Hong Kong, Macau, and neighboring countries. (JYA) commenced operations on September 25, 2006. Currently, it owns a fleet of 34 new A320 Family airplanes with an average of 2.5 years (one of the youngest fleets in the world). (JYA) has brand new airplanes with the widest seat pitch and adjustable headrest in hardware, and it continues to pursue beauty, comfort and exquisiteness in services.

Juneyao Airlines (JYA) targets at the medium and high-end business and leisure travel market. (JYA) has a route network centered in Shanghai with >60 routes to domestic destinations, regional destinations like Hong Kong, Macau, and Taiwan, and international destinations in SE Asia and NE Asia. In 2013, (JYA) carried >7 million passengers.

(JYA) has been based on its optimal cost structure and efficient operations since its foundation to provide customers with quality services and is committed to becoming an outstanding and profitable carrier. (JYA) reported compound growth of +29.61%, +31.03% and 15.07% in total turnover, passenger turnover and cargo turnover in 2011 - 2013. Currently, the company owns 34 A320 Family airplanes and has more than >500 pilots (FC), operating >60 domestic, regional and international routes from its Shanghai base. (JYA) has continued to improve its airplane utilization and operation efficiency during its expansion. In 2013, (JYA)'s daily airplane utilization reached 11.64 hours, and passenger and freight load factor stood at 83.71% LF and 66.83% LF, respectively. In recent years, under the guidance of its correct market positioning and diversified competition strategy, (JYA) continues to expand its fleet, and has built an operating system with high efficiency and utilization, making its transportation businesses more efficient.

Operating revenue was 4.04 billion yuan, 4.45 billion yuan and 5.93 billion yuan in 2011 - 2013, rising +10.23% in 2012 and 33.27% in 2013. Net profits were +521.99 million yuan, +250.47 million yuan and +336.54 million yuan, down -52.02% in 2012 and up +34.37% in 2013.

Subsidies from the government amounted to 56.53 million yuan, 106.31 million yuan and 110.55 million yuan in 2011 - 2013, accounting for 8.17%, 31.25% and 24.00% of (JYA)'s profits in the same year, which is comparatively low in the industry.

Both operating profits and net profits declined sharply in 2012 from 2011 due to the low airfare and passenger load factor affected by the macroscopic economic situation and the depression of the air travel industry, the surging fuel costs and labor costs, as well as exchange losses. (JYA) posted a better performance in 2013 than 2012, because the gross profits surged amid its fleet expansion, increased capacity and declined fuel purchase prices. In addition, operating profits, total profits and net profits increased due to the decreased operating fees.

As of the end of 2013, (JYA) had assets worth 6.42 billion yuan, and shareholders' equity amounted to1.77 billion yuan, with a debt-to-asset ratio of 72.5%.

(JYA) had a market share of 1.60%, 1.80%, and 2.01% in China's civil aviation industry in 2011, 2012, and 2013. (JYA)'s market share registered a growth rate of up to +26.01% in 2013.

News Item A-2: Juneyao Airlines (JYA) mainly operates domestic, regional and international passenger and cargo services and other aviation-related services. Based at Shanghai's Pudong Airport and Hongqiao Airport, (JYA) has established a route network covering capital cities in developed provinces, popular tourism cities, Hong Kong, Macau, and Taiwan, as well as destinations in neighboring counties. (JYA) is a company with high operational efficiency, good cost-control ability, and strong profitability.

The vision of (JYA) is to "become a safe, healthy, stable, sustainable and efficient international carrier by offering attentive service". To achieve this vision, (JYA) has formulated its development strategies (enhancing the construction of enterprise culture; adhering to the principles of "continuous safety, prevention first and comprehensive management" based on the optimization of cost structure and efficient operation; adhering to differentiation development path that targets business travelers, tourists and leisure travelers and provides customers with exquisite and attentive services; operating a fleet of A320 Family airplanes and implementing its operation concept of "young fleet and single airplane type;" gradually building a complete domestic route network comprising of trunk lines from Shanghai to provincial capitals and important transportation hubs and some regional routes, and launching international routes from Shanghai to Southeast Asia and Northeast Asia; and realizing the airline's stable development relaying on the Shanghai air hub).

(JYA) aims to build itself into a medium-size carrier in fleet size and revenue and China's leading medium-size carrier in operating profits and brand value in 5 years or more, becoming an advanced carrier that has some impact in China and certain reputation in the world. 1stly, (JYA) hopes to lead the industry in development value, with quality route network and competitive high-end services and products. 2ndly, (JYA) should have a strong profitability and ability to withstand risks, keep efficient operation and the optimal cost structure. 3rdly, (JYA) should have a leading recognition that becomes the reliable airline and the 1st choice for business and leisure travelers.

Juneyao Airlines (JYA) is a full-service carrier providing flight services out of Shanghai's 2 airports, which is actually a regional carrier. (JYA) has the same features as low-cost carriers (LCC)s in cost management and control. In addition, (JYA) has established its (LCC) subsidiary, 9 Air (9AL) jointly with other private companies.

(JYA) aims to explore the low-cost carrier (LCC) market and enhance its comprehensive strength by setting up 9 Air (9AL). (JYA) will be the controlling stakeholder with a 69% stake, while Elion Resources Group, Ji Guangping and Macrolink Holding will own 15%, 10% and 6%, respectively. The preparation period started from February 12, 2014 and will last until February 11, 2016. 9 Air (9AL) will have a total investment of 600 million yuan, with Ji Guangping as President. The start-up will be based at Guangzhou Baiyun International Airport, providing domestic passenger and cargo transportation businesses.

(JYA) develops the low cost carrier (LCC) market and extends its business levels by taking advantage of its rich operation experience in the aviation industry, combined with favorable conditions of relying on Guangzhou Baiyun Airport being close to popular tourism counties in SE Asia, high consumption ability and willingness of citizens in Pearl River Delta cities, the popularity of air travel among Chinese people, and so on. The move will expand (JYA)'s scale and improve its profit space, laying a solid foundation for its future development.

There are some successful cases where full-service carriers have invested in low-cost carriers (LCC)s through shareholding, but there are more failure lessons. After all, (JYA) is a small carrier and is not mature in its business mode. German Lufthansa (DLH) is the controlling stakeholder of low-cost carrier (LCC) Germanwings (RFG), and (IAG) controls Vueling Airlines (VUZ). Singapore Airlines (SIA) has complicated equity relationships with Tigerair (TGR), Jetstar (IMU)/(JSA) and Scoot (SCT). The USA full-service carriers also have made similar attempts in (LCC) operations. US Airways (AMW)/(USA) established MetroJet in 1998, but it ceased operations 3 years later. Song, a (LCC) established by Delta Air Lines (DAL) in 2003, ceased operations in 2006. United Airlines (UAL)'s Ted was founded in 2004 and ceased operations in 2008.

Juneyao Airlines (JYA) has only 8% market share in the Shanghai hub. There is still a big gap compared with JetBlue (JBL)'s 22% market share at New York's John F Kennedy International Airport. (JYA) will face challenges in regional expansion and operation mode adjustment in the future.

News Item A-3: Juneyao Airlines (JYA) has introduced 4x-weekly flights between Yinchuan (INC) and Osaka Kansai (KIX), operating via Shanghai Pudong. The 2,617 km service began on October 27th using (JYA)'s A320s and faces no direct competition. (JYA) launched the Shanghai - Osaka service back in April. Yinchuan Hedong International Airport handled 4.25 million passengers in 2013 (+11.5%), ranking it as the 39th busiest airport in China.

November 2014: News Item A-1: Juneyao Airlines (JYA) has filed an application for launching a round-trip daily flight between Shanghai Pudong and Saipan in March, 2015, according to an announcement on the website of the (CAAC) (CAC).

Pending government approval, (JYA) will operate the daily Shanghai - Saipan service using Airbus A320/A321 airplanes.

News Item A-2: 9 Air ((IATA) Code: AQ) (9AL), a low-cost subsidiary of Juneyao Airlines (JYA), postponed its inaugural Guangzhou - Zhanjiang flight to early December, using Boeing 737 airplanes, the "Yangcheng Evening News" reported.

According to an earlier report, (9AL) was planned to launch its 1st passenger revenue flight in August 2014 with 3 737-800s. Owing to delays during government approval, the budget carrier postponed its inaugural flight to December. (9AL) is scheduled to operate its inaugural flight from Guangzhou to Zhanjiang on December 2, subject to the government approval, the airline confirmed on November 16.

As the 1st low-cost carrier (LCC) based in Guangzhou, 9 Air (9AL) would offer -20 TO -30% lower airfares once the airline starts business operation. As low as 9 yuan, 99 yuan, 199 yuan and 229 yuan tickets will be available on domestic routes.

Besides, more domestic routes and new international routes will also be put into the agenda of the company.

January 2015: News Item A-1: Juneyao Airlines (JYA)’s low-cost carrier (LCC) subsidiary, Jiuyuan Airlines has launched inaugural Guangzhou - Wenzhou - Harbin service as it explores the low-cost market potential in the Pearl River Delta region.

The Guangzhou-based (LCC) has been forced to postpone its inaugural flight several times as it waited for a public transport certificate granted by Civil Aviation Administration of China (CAAC).

According to Jiuyuan Airlines President Ji Guangping, the Huizhou-Jieyang carrier will go into formal operations this year, after it receives slot approval for the Guangzhou - Zhanjiang route from the (CAAC).

Ji said the carrier also plans to boost flight frequencies on the Guangzhou - Huizhou - Jieyang route and open new routes this year.

Currently, Jiuyuan has taken delivery of 2 out of 3 Boeing 737-800 airplanes leased from Indonesia Lion Air (MLI)’s leasing subsidiary, Transportation Partners. In May 2014, Jiuyuan Airlines placed a firm order for 50 Boeing 737-800 and 737 MAX airplanes. It plans to expand its fleet to 60 airplanes by 2020.

News Item A-2: Juneyao Airlines (JYA) will launch an initial public offering (IPO) in February to fund its rapid fleet expansion, according to Juneyao Group President Wang Junhao.

(JYA) plans to purchase 7 Airbus A320s and 2 backup engines by launching an (IPO) on the Shanghai Stock Exchange. (JYA) aims to expand its fleet to 50 airplanes this year, and double its fleet to 100 by 2020. It currently operates 38 airplanes with an average age of >3 years.

“The pilot (FC) shortage is quite severe in China’s airline industry and thus we have introduced >100 foreign pilots (FC) to maintain sustainable growth [to match fleet expansion],” Wang noted.

Separately, Spring Airlines (CQH) is also expected to launch an (IPO) January 21 to raise around CNY2.5 billion/$413 million to purchase 9 A320s and 3 A320 simulators.

According to (CQH) Chairman Wang Zhenghua, (CQH) operates 46 A320s and plans to introduce >10 airplanes. It is expected to expand its fleet to 100 airplanes by 2018.

News Item A-3: A321-211 (6433, B-1645), ex-(D-AZAV) and A321-231 (6435, B-1646), ex-(D-AZAW) deliveries.

April 2015: Juneyao Airlines (JYA) has received approval from the China Securities Regulatory Commission to launch an initial public offering (IPO) to fund a fleet expansion. The (IPO) was originally projected for February.

According to (JYA), it will circulate no >200 million shares to collect CNY1.98 billion/$323 million to purchase 7 Airbus A320s and 2 backup airplane engines.

Juneyao (JYA) operates 38 airplanes with an average age of >3 years on >60 domestic and international routes. (JYA) plans to expand to 50 airplanes this year, and double its fleet to 100 by 2020.

May 2015: News Item A-1: Juneyao Airlines (JYA), China's 1st privately owned carrier, announced the final pricing of its initial public offering (IPO) to the public of 11.18 yuan per share.

(JYA) officially starts the subscription investor roadshow the week of May 18th, has revealed its most recent results and outlined how much it hopes to raise from the offering.

The process of online and offline subscription is expected to be undertaken on May 19, 2015. (JYA), the Shanghai-based carrier is offering 68 million new shares on the Shanghai Stock Exchange, of which 70% will be sold offline and the rest, 30% will be sold online. Through the (IPO), it is expected to raise 760 million yuan for introducing 7 Airbus A320 jets and 2 airplane engines,

This company will trade on the Shanghai Stock Exchange under the symbol "603885". At the final offered price, the P/E ratio is approximately 22.98 times based on analysts' average profit projection in 2014.

"How to Become an Airline Millionaire, Chinese Style"
from the "Bloomberg News," May 26.

2 decades ago, the Wang brothers sold flavored milk and yogurt to children in China. Recently, they sold shares in their airline (Juneyao Airlines (JYA)) in an Initial Public Offering (IPO) to become millionaires.

Their journey from a poor fishing village to the largest shareholders of budget carrier Juneyao Airlines (JYA), which begins trading in Shanghai, is a success story that mirrors China's growth. The company is benefiting from a government plan to encourage entrepreneurship in an air-travel market that's set to become the world's largest over the next 2 decades and is currently dominated by state-owned airlines.

At its offer price, Juneyao Air (JYA) will be valued at 6.35 billion yuan/US $1 billion. That's about a 10th of the market value of Spring Airlines (CQH), whose stock has surged >600% since a January listing. Every 1 of the 147 mainland (IPO)s that began trading over the past year has jumped the maximum 44% on its 1st day of trading.

"Certainly, Spring Air (CQH)'s crazy surge, which outperformed even the broader bull market, would be on the minds of many people," said Zhang Qi, a Shanghai-based analyst with Haitong Securities Company. "With oil prices at low levels, airlines that are more efficiently run would make an attractive investment proposition."

(JYA), whose Chinese name means "lucky," is selling 68 million shares at 11.18 yuan apiece, raising 760 million yuan from the offering. The stock begins trading May 27.

* Bull Market:

The share sale, coming on the back of a doubling of the Shanghai Composite Index in the past 12 months, is part of an (IPO) boom in China. Share subscriptions for 20 (IPO) offerings in Shanghai will lock up an estimated 2.79 trillion yuan of liquidity, according to a "Bloomberg" survey published May 12. "It's a bull market right now, which is why so many (IPO)s are coming to the market," said Cao Xuefeng, an analyst with Huaxi Securities in Chengdu. "These also tend to be companies that represent the type of industries that will form the bulk of the Chinese economy in the future."

Still, 7 of the 11 (IPO)s by airlines in Asia during the past 5 years are trading below their sale prices, data compiled by "Bloomberg" show. Bangkok Airways (PGB) has fallen -16% since its US$622 million (IPO) in October, while AirAsia X (ASX), the long-haul budget carrier backed by Tony Fernandes, has lost nearly three-quarters of its value since it debuted in July 2013, according to the data.

Spring Air (CQH), which listed in January after a US$291 million (IPO), is the best performer, the data show.

* Low Profitability:

While the global airline industry is forecast to post +US$25 billion in profit this year, profitability hasn't been great in the recent past. Airlines earned US$2.50 per passenger journey in 2012, which rose to US$4 in 2013 (enough to buy a sandwich, International Air Transport Association (IATA) Director General & (CEO) Tony Tyler said.

Juneyao Air (JYA) will use the share sale proceeds to buy more airplanes, adding to the 42 Airbus Group narrow body jets it currently uses to connect Shanghai to Beijing, Hong Kong, and Macau, among other destinations. (JYA) has been profitable in each of the past 4 years, with net income gaining +26% to 428 million yuan last year. Guotai Junan Securities Company Ltd has underwritten the share sale offer, according to the prospectus.

(JYA) gets its name from its parent company, the Juneyao Group. Both were named after the oldest of the 3 Wang brothers, who were born in a village on the outskirts of the E Chinese coastal city of Wenzhou.

* Dairy Business:

Wang Junyao made the family's 1st fortune selling flavored milk and yogurt to children in the 1990s. "Back then, we went with dairy because our oldest brother decided then we needed a more stable business," Wang Junjin, the 2nd of the 3 brothers and the Chairman of the Juneyao Group, said in a 2012 television interview.

The Juneyao Group now is a conglomerate with assets worth 20 billion yuan, spanning food, department stores, schools, and banking.

The Wangs caught the aviation bug in 1991 (when flying was still a novelty in China) when they leased a plane and offered charter flights to Wenzhou from Changsha in the Hunan province.

Hunan province was their 1st base, after leaving home. The flights initially catered to Wenzhou friends who also had moved there for business, then were offered to other fare-paying passengers, Wang Junjin said. "We surveyed our Wenzhou comrades in Hunan, 1 by 1, to ask how many trips they made back home every year, so we could gauge potential demand for flights," Wang Junjin said. "With regular flights, they could even go back every week, if they wanted to."

* Family Control:

Juneyao Air (JYA) declined requests for comment and an interview with the family ahead of the company's listing debut.

It wasn't until 2006 that (JYA) took shape, after a previous attempt to enter the industry fell through. Before (JYA) ever took flight, however, the oldest Wang brother died in 2004, aged 38, leaving behind his wife and 3 children. Junjin and the youngest Wang brother, Junhao, assumed leadership of the group.

The Wang family will retain a 79% stake in (JYA) (worth 5 billion yuan at the offer price) after the (IPO). The 3 children of the deceased Wang brother will own 30%, with his oldest son owning the largest single stake of 1.69 billion yuan, or 27%.

"The 2 surviving brothers have their feet firmly on the ground and generally keep a low profile," Haitong's Zhang said. "Juneyao Air (JYA) might not grab the headlines like Spring (CQH) does, but it appears to have been managed rather prudently."

Currently, (JYA) operates 42 airplanes, comprising 35 A320s and 7 A321s. (JYA) plans to expand its fleet to 50 airplanes this year.

Last year, Juneyao Airlines (JYA) launched Guangzhou-based, low-cost carrier (LCC) Jiuyuan Airlines (JIU), which operates 3 737-800s leased from Lion Air (MLI) on 3 domestic routes. The (LCC) ordered 50 Boeing 737s in May 2014, which are scheduled to be delivered over the next 5 years.

July 2015: Juneyao Airlines (JYA) on July 15 announced a private share placement plan to raise 3.6 billion yuan/HK$4.5 billion to repay bank loans and fund expansion, <2 months after its 760-million-yuan initial public offering (IPO) in Shanghai.

The company's shares, suspended since June 29, will resume trading on July 15. (JYA) said it plans to issue 58 million new shares to institutional investors at a price of 61.58 yuan or higher, partly to buy 4 Airbus A320 narrow body planes, 3 auxiliary engines, 3 flight simulators and a tourism platform.

(JYA) also said its net profit attributable to shareholders would grow up to 170% in the 1st half from a year earlier to 191 million yuan, due to low jet fuel prices, a strong market and its own operating efficiency. The rapid growth came from strong demands and the plummeting oil prices.

Juneyao Airlines (JYA) is the country's 6th listed airline and the 2nd private airline to float after the January listing of budget carrier Spring Airlines (CQH).

It is now 81% owned by the Juneyao Group, a private conglomerate with businesses ranging from education, food to hi-tech investment.

The company has been flying since 2006 and has a fleet of 42 A320 family aircraft, 13 of which are self-owned.

(JYA) plans to expand its fleet to 50 aircraft this year, and to 90 by 2020. (JYA) launched an initial public offering (IPO) to fund a fleet expansion that purchased 7 A320s and 2 spare engines in May.

(JYA) also said its 1st-half net income would climb +130% to +170%, over a net profit of +CNY191.4 million for the same period last year. In the 1st quarter of 2015, (JYA) posted a net profit of +CNY267 million, more than doubling a net income of +CNY101.5 million in the year-ago period.

A321-211 (6701, B-8068), (GEF) leased, ex-(D-AVZQ).

August 2015: Juneyao Airlines (JYA) became 1 of 3 carriers to launch flights between Shanghai Pudong (PVG) and Tokyo Haneda (HND). On August 6, (JYA) started 3x-weekly flights using its A320s on the 1,735 km sector, competing with Shanghai Airlines (SHA) (3x-weekly flights) and Spring Airlines (CQH) (4x-weekly flights).

September 2015: News Item A-1: Juneyao Airlines (JYA) reported a 2015 1st-half net profit of +CNY517.7 million/+$84.5 million, nearly tripled from a net income of +CNY195.3 million in the year-ago period.

1st-half operating revenue jumped +20.4% to CNY3.84 billion against a +5.53% increase in operating expenses to CNY2.78 billion. (JYA)’s operating revenue on international routes climbed +112.7% to CNY649.08 million. (JYA) cited solid market demand growth and lower fuel prices, especially led by younger single fleet, as main reasons for the much-improved performance. Passenger boardings rose +27% to 4.91 million, with an average load factor of 86.07% LF, up +2.95 points year-over-year. Cargo traffic volume grew +13% to 25,774 tonnes in the 1st half.

(JYA) introduced 9 aircraft for the 1st 6 months of this year. As of June 30, it operated a fleet of 47 airplanes, comprising 44 Airbus A320s and 3 Boeing 737s (operated by subsidiary Jiuyan Airlines (JIU)). Juneyao (JYA) has an average fleet age of 3.47 years.

Looking ahead, Juneyao plans to add more capacity to meet continuous market demand growth by introducing 10 new aircraft in the 2nd half. But it also warns that exchange rate fluctuations still remain a challenge as it has a large amount of debt in US dollars.

News Item A-2: Juneyao Airlines (JYA) opened a new service linking Fuzhou and Nagoya Central Japan International Airport (NGO) with a stopover in Shanghai on September 25.

This new service is operated daily and more flights could be added based on the market demand. It is to meet the growing leisure and business travel needs of the people between the 2 countries.

(JYA) launched the Shanghai - Tokyo route in August. The Central Japan International Airport in Aichi Prefecture is the 5th destination of (JYA) in Japan.

October 2015: News Item A-1: On the opening day of the Air Traffic Control (ATC) Global Show in Dubai, Thales (THL) announced its continued growth in China, with the signing of a contract to implement its latest Air Traffic Management (ATM) automation systems for the Shanghai Metroplex air space.

(THL) and Beijing Easy Sky Technology (BEST), a Thales – (TEDC) joint venture (JV), have jointly signed a contract with the Civil Aviation Authority of China (CAAC), East Air Traffic Management Bureau (ATMB), in order to implement a new (ATM) automation system in Shanghai.

Through this contract, (THL), together with (BEST), will upgrade the Shanghai airspace and airport management systems. This will include the Shanghai terminal manoeuvering area and surface operations at Shanghai Pudong and Shanghai Hongqiao airports.

The contract includes implementation of (THL) "TopSky-(ATC)." (THL) will also deploy "TopSky-Tower," its advanced, integrated tower automation suite, at both Shanghai airports. Airport and airspace traffic flows will be sequenced and balanced using (MAESTRO), (THL)'s fully integrated arrival and departure management system.

This is a crucial contract for the region, as collectively, the Shanghai Metroplex (incorporating both Shanghai airports) ranks just behind Beijing in China, and is in the top 10 in the world, in terms of air traffic movements. With air traffic in the region set to grow at a steady +20% over the next 10 years, the modernization program will be instrumental in maintaining the projected growth rate, while supporting excellence in air safety for the Shanghai Metroplex.

November 2015: China’s Spring Airlines (CQH) and Juneyao Airlines (JYA) posted 3rd-quarter net profits due to market demand growth and lower fuel prices.

Shanghai-based, Spring Airlines (CQH) reported a 3rd-quarter net profit of +CNY582.8 million/+$91.4 million, up +50.7% over a net income of +CNY386.72 million in the year-ago quarter. Operating revenue climbed +10.8% to CNY2.37 billion, while operating expenses rose +2.6% to CNY1.8 billion.

Shanghai-based (JYA) posted a 3rd-quarter net income of +CNY454.52 million, up +88.12% over the net profit of +CNY241.6 million. Operating revenue jumped +27.3% to CNY2.42 billion against a +20.3% increase in operating expenses to CNY1.91 billion.

Earnings for the 2 privately run carriers was in sharp contrast with China’s big 3 state-owned carriers (Air China (BEJ), China Eastern (CEA) and China Southern (GUN)) which all reported 3rd-quarter profit declines.

For the 9-month period, Spring Airlines (CQH) reported a net profit of +CNY1.2 billion, up +83% over a net income of +CNY657.5 million in the same period last year. Operating revenue increased +13.4% to CNY6.33 billion, while operating expenses rose +3.9% to CNY5.19 billion.

(JYA) earned a net profit of +CNY972.23 million from January to October, >2x the net income of +CNY436.93 million in the same time frame. Operating revenue climbed +23% to CNY6.26 billion against a +10.66% increase in operating expenses to CNY5.117 billion.

December 2015: Juneyao Airlines (JYA) selected Thales (THL)’s avionics suite for its new Airbus A320 family fleet. (THL) will equip an initial 17 Airbus single-aisle aircraft with the Thales (THL) Flight Management System (FMS), alongside the Thales/(ACSS) (T3CS) surveillance platform. The new fleet will also feature the low range radio altimeter and emergency location transmitters.

Airbus (EDS) delivered Juneyao Airlines (JYA)'s 50th A320 family aircraft on December 22, 2015.

January 2016: Juneyao Airlines (JYA) has started its 15th international route and 6th to Japan with the introduction on January 19 of a 3x-weekly service between Shanghai Pudong (PVG) and Obihiro (OBO). The 2,287 km route will operate on Tuesdays, Thursdays and Sundays with (JYA)’s A320s. (JYA) already serves 5 other airports in Japan from Shanghai; Fukuoka, Nagoya, Okinawa, Osaka Kansai, and Tokyo Haneda. Tokachi-Obihiro Airport, located on the northern Japanese island of Hokkaido, appears to have only catered to domestic traffic in the past, with flights to Osaka, Sapporo, and Tokyo. Apart from Japan, Juneyao Airlines (JYA) also operates international flights from Shanghai to Hong Kong, South Korea, Taiwan, and Thailand.

A320-214 (6944, B-8408) ex-(F-WWIO), delivery.

February 2016: News Item A-1: Juneyao Airlines (JYA) has been given the green light by the (CAAC) East China Regional Administration to expand its business scope.

(JYA) currently operates passenger and cargo services within China, and offer flight services from mainland China to Hong Kong, Macau, and the neighboring countries.

The airline seeks to expand its business scope to operate domestic (including Hong Kong, Macau and Taiwan) and international passenger and cargo services.

Upon the approval, the airline will launch more international routes and speed up its international development.

Juneyao Airlines (JYA) has applied to the Civil Aviation Administration of China (CAAC) to open long-haul intercontinental routes to further explore the fast-growing outbound travel market.

Currently, (JYA) may operate only domestic and international routes to neighboring countries, such as Japan, Korea, and Thailand.

Chairman Wang Junjin said several months earlier that it was considering opening long-haul intercontinental routes for the long term, but the specific timetable depends on its Shanghai hub strategy, market demand and resource allocation.

A company insider revealed (JYA) is planning to buy long-haul aircraft and is evaluating Airbus A350 and Boeing 787 airplanes. It plans to make a decision in 2017 or 2018.

In 2015, Chinese carriers experienced more rapid growth on international routes, owing to a sharp increase in travel. It is projected the number of Chinese travelers who booked international travel will reach >120 million in 2015, up +16% over 2014.

At present, Juneyao Airlines (JYA) operates 38 A320-200s and 12 A321-200s on flights throughout China as well as to Macau, Hong Kong, Taiwan, Thailand, South Korea, and Japan.

March 2016: News Item A-1: Juneyao Airlines (JYA) has filed an application for launching a service between Shanghai Pudong and Irkutsk, Russia starting June 2016, according to the website of the Civil Aviation Administration of China (CAAC) on March 25.

Pending government approval, (JYA) will operate the Shanghai - Irkutsk service on a daily basis, using Airbus A320/A321 aircraft.

News Item A-2: Juneyao Airlines (JYA) will join a global alliance by year-end in an effort to facilitate rapid international expansion, according to Chairman Wang Junjin.

Wang said previously that (JYA) has contacted alliances and has entered into discussions, but made it clear it won’t join the SkyTeam (STM) Alliance, which China Eastern (CEA) joined in 2011.

It is widely speculated (JYA) may join the Star (SAL) Alliance. Beijing-based Air China (BEJ) joined the Star (SAL) Alliance in 2007. If (JYA) also joins, the Star (SAL) Alliance would boost its market shares to 23% from 11% in Shanghai (Pudong) Airport and increase its market shares to 20% from 11% in Shanghai (Hongqiao) Airport. The SkyTeam (STM) Alliance’s market share is 45%.

Juneyao (JYA) is also expected to expand its fleet; Wang noted it is scheduled to take delivery of 10 Airbus A320 family aircraft this year to open more new routes to Thailand and other neighboring countries.

(JYA) also predicts its net income will increase +130% to +160% for 2015 compared with a net profit of +CNY427.68 million in 2014. (JYA) cited market demand growth and lower fuel prices for the improvement.

April 2016: Juneyao Airlines (JYA) reported a 1st-quarter net profit of +CNY454.2 million/+$70 million, up +70% over a net income of +CNY266.5 million in the year-ago quarter.

Operating revenue rose +30.4% to CNY255.2 million, while operating expenses increased +30.6% to CNY179.2 million.

(JYA) credited the “robust growth of market demand” as the main reason for the much-improved financial performance. Industry analysts also cited lower fuel prices and Shanghai’s high growth rate as more reasons for (JYA)’s performance.

(JYA) took up 8.65 share of Shanghai market in terms of passenger boardings. (JYA) did not reveal traffic figures.

For 2015, Juneyao (JYA) reported a net profit of +CNY1.05 billion/+$161.3 million, more than double its net income of +CNY427.7 million in 2014.

May 2016: "Juneyao Airlines to Establish a Branch Company in Jiangsu"
by (ATW) Katie Cantle, May 13, 2016.

Juneyao Airlines (JYA) is expected to establish a branch company in the Jiangsu province to further explore the East China market.

In January, (JYA) signed a strategic cooperation agreement with Jiangsu Province capital Nanjing Lukou International Airport. According to the agreement, (JYA) would allocate 5 to 7 aircraft in Nanjing this year and expand to 25 aircraft in Nanjing by the end of 2020.

Juneyao Airlines (JYA) operates 12 routes from Nanjing to Qingdao, Shenzhen, Dalian, Nanning, Xiamen, Guiyang, Mianyang, Lijiang, Shenyang, Beihai, Kunming, and Harbin.

(JYA) is also considering setting up a branch company in SW China. (JYA) just completed its non-public circulation of 148 million "A" shares to raise CNY3.37 billion/$521 million for its fleet expansion. It operates 50 Airbus A320s, excluding low-cost subsidiary, 9 Air. Juneyao (JYA) received approval from the Civil Aviation Administration of China to buy +33 more aircraft between 2014 and 2018. It plans to expand its fleet to 90 aircraft in 2019.

August 2016: 2 A321-231 (7208, B-8540; 7229, B-8457), ex-(D-AVZS & D-AZAT) deliveries.

October 2016: News Item A-1: Juneyao Airlines (JYA) announced it will officially join global alliance group Star (SAL) Alliance as Connecting Partner in 2017, to speed up its planned international expansion as more Chinese tourists travel abroad.

(JYA) has signed a strategic partnership agreement with the Star (SAL) Alliance in a ceremony in Shanghai, which will see it become the group's 2nd connecting partner during the 2nd quarter of 2017.

Under the partnership, (JYA) will offer priority privileges, such as through check-in and lounge access to qualifying passengers traveling on connecting itineraries with Star (SAL) Alliance member airlines.
"We are back where we belong," Star (SAL) Alliance (CEO) Mark Schwab said at the event by accepting Juneyao Airlines. The Star (SAL) Alliance used to have Shanghai Airlines (SHA) as a member until (SHA) merged with SkyTeam (STM) Alliance's China Eastern Airlines (CEA).

17 Star (SAL) Alliance member airlines currently operate around 1,600 weekly services to and from Shanghai's 2 airports (Pudong and Hongqiao). Juneyao Airlines (JYA) has 1,700 weekly flights to 69 destinations in 8 countries, although the majority of its services are domestic.

(JYA) currently only operates routes to neighboring countries such as Japan, South Korea, and Thailand, but is eyeing more long-haul, intercontinental routes. (JYA) in the Star (SAL) Alliance would benefit from long-haul transits and enhance its presence in Shanghai.

In addition, the aviation watchdog released the allocation plan for the new Beijing airport in late July, saying (SAL) member Air China (BEJ) will remain at Beijing Capital International Airport. When (JYA) joins the Star (SAL) Alliance, (JYA) will stay, too.

The 17 full Star (JYA) Alliance members currently flying to Shanghai are: Air Canada (ACN), Air China (BEJ), Air India (AIN)/(IND), Air New Zealand (ANZ), (ANA), Asiana (ASA), Austrian (AUL), Ethiopian Airlines (ETH), (EVA) Air, Lufthansa (DLH), (SAS), Shenzhen Airlines (SHZ), Singapore Airlines (SIA), SWISS (CSR), Thai Airways (TII), Turkish Airlines (THY), and United Airlines (UAL).

News Item A-2: "Star Alliance (SAL) Connecting Partner Model Evolves as Juneyao Airlines (JYA) Replaces Mango (MGO) as 1st Member" by (CAPA) centreforaviation.com October 17, 2016.

Star Alliance (SAL)'s connecting partner model is evolving beyond a proposition for low cost airlines (LCC)s. In October 2016 (SAL) disclosed its intention to add Shanghai-based Juneyao Airlines (JYA). Although (JYA) is full service, the semantics of full service versus low cost (LCC) have proven irrelevant: the core concept of (SAL)'s connecting partner platform is to secure transfer options in key markets. The (SAL) benefits for a connecting partner are only realised when connecting on the same itinerary to a Star (SAL) member. Unlike the situation with full membership, (SAL) benefits are not offered on a connecting partner when the itinerary is only point-to-point.

(JYA) gives (SAL) a partner in China's financial hub and replaces (SAL)'s former Shanghai partner, Shanghai Airlines (SHA), which left when it merged with SkyTeam (STM)'s China Eastern Airlines (CEA). Juneyao Airlines (JYA) is the 2nd announced member after the South African Airways (SAA) (LCC) Mango (MGO), but (JYA) will be implemented 1st in (2Q) 2017. As Juneyao (JYA) grows and plans intercontinental 787 flights, (JYA) may transition to a full member.

The connecting platform was not in existence when (SAL) and (JYA) started discussions 3 years ago. The connecting partner platform can further evolve to incorporate the (LCC)s that are rapidly taking over the flying of some of Star (SAL)'s members (such as Lufthansa (DLH)'s Eurowings (EWG) – and thereby preserving some of (SAL)'s relevancy. All-new growth (such as adding an (LCC) in India) is still hoped for.

A321-231 (7322, B-2668), ex-(D-AVYR) delivery.

November 2016: News Item A-1: Juneyao Airlines (JYA) reported a 3rd-quarter net profit of +CNY554.3 million/+$83.1 million, up +22% compared to a net income of +CNY454.5 million in the year-ago quarter.

3rd-quarter operating revenue grew +24.4% to CNY3 billion, while operating expenses were up +26.7% to CNY2.4 billion. (JYA) cited business scale expansion, stable growth of market demand and increased operating revenue as the main reasons for the much-improved performance.

For the January - October period, (JYA) posted a net income of +CNY1.3 billion, up +30% over a net profit of +CNY972.2 million in the year-ago period. Operating revenue for the period was up +24% to CNY7.8 billion against a +25% increase in operating expenses to CNY6.4 billion.

News Item A-2: (BOC) Aviation Limited (SIL) announced that it has signed lease agreements for 5 new Airbus A321-200 aircraft with Juneyao Airlines ((JYA) Co Ltd. All 5 aircraft are scheduled for delivery to (JYA) in 2017. "We are pleased to support (JYA)'s expansion as it continues to grow its services within China," said Robert Martin Managing Director & (CEO) of (BOC) Aviation (SIL). "This placement also reflects the increased demand for the A321 when airlines are looking for larger capacity single-aisle aircraft."

Junjin Wang the Chairman of Juneyao Airlines (JYA) said "We are pleased to work with (SIL) to add this modern and efficient aircraft to our fleet. (JYA) has been growing steadily in the past decade and now has a fleet of 56 Airbus aircraft, and we are excited to add the A321 to the fleet."

News Item A-3: "Juneyao Airlines to Order 10 Boeing 787-9 Dreamliners"
by China Aviation Daily, November 28, 2016.

Juneyao Airlines (JYA) has signed a memorandum of understanding (MOU) with Boeing for the purchase of 5 787-9 Dreamliners. The wide bodies will be used by (JYA) to spread its international network further.

According to "Aviation Week," the Shanghai-based carrier has additionally signed for options on +5 more 787-9s. Deliveries are scheduled to begin with 3 787-9s in 2018.

Juneyao Airlines (JYA), which operates 56 Airbus A320 family jets, now mainly focuses on domestic services, with its only international routes to points in Japan, South Korea, and Thailand.

(JYA) plans to end 2020 with a fleet of 100 airplanes, of which 10 will be wide bodies, as it targets to launch long-haul intercontinental services before the end of the decade, said Juneyao Airlines' Chairman Wang Junjin. The wide bodies will be put on services to North America, Europe and Australia.

(JYA) last year carried 9.95 million passengers, a +22% jump from 2014, and expects passenger numbers to be >12 million this year.

February 2017: News Item A-1: Chinese airlines are rapidly increasing flights to the Philippines following the relaxing of visa requirements between the 2 countries in October 2016. Since then, 675,700 Chinese tourists visited the Philippines in 2016, up +37.1% over 2015. Local industry analysts predicted this figure will continue to grow quickly this year. Over the past 3 months, >10 Chinese carriers (including China Eastern (CEA), Sichuan Airlines (SIC), Juneyao Airlines (JYA), Spring Airlines (CQH), Xiamen Airlines (XIA) and Capital Airlines (DER)) have applied to open nearly 40 international routes to Kalibo and Cebu in the Philippines. Tianjin Airlines (GCR) has applied to open 5 international routes to the Philippines from Tianjin, Ningbo, Xi’an, Wuhan, Nanjing and Chongqing.

7 Chinese carriers currently operate routes to the Philippines with 24,000 weekly flights. Local analysts point out many domestic airlines need to find new SE Asian markets (such as the Philippines) to make up for decreased demand in the Thailand market after the government tightened tourism restrictions following the death of Thailand’s king last year. However, analysts also expressed concern about the Philippine’s infrastructure and aviation safety that may impact the fast-growing Sino-Philippine market.

News Item A-2: Juneyao Airlines (JYA) has finalized the order for 5 Boeing 787-9s, valued at about $1.32 billion at current list prices, according to Boeing (TBC). (TBC) said this new order, which also includes options for +5 more 787-9s, represents (JYA)’s 1st Boeing order and 1st wide body airplane order. “Our strategic vision is to develop into an international airline that provides high-quality service with an extended network, while ensuring excellent profitability,” (JYA) Chairman Wang Junjin said. “Today's order is set to play a key role in our growing business in the years to come, and we look forward to continuing our relationship with Boeing (TBC) into the future.”

(JYA) was founded in 2005 and started operation in 2006. It currently operates domestic routes and short-haul international flights to neighboring countries such as Japan, South Korea and Thailand. (JYA) plans to open new routes to North America, Europe and Australia by 2020.

May 2017: Juneyao Airlines (JYA) posted a (1Q) net profit of +CNY420.4 million, down -7.5% compared to net income of +CNY454.2 million in the same quarter last year. (JYA) said its Guangzhou-based low-cost subsidiary 9 Air (9AL) earned net income of +CNY6 million in the 1st quarter. (JYA)’s operating revenue grew +22% (YOY) to CNY31.1 billion against a +30.2% increase in operating expenses to CNY2.7 billion.

Fleet:
(definitions)

Click below for photos:
JYA-787-9 - 2017-02.jpg
JYA-A319
JYA-A319 B-6232
JYA-A319 D-AVXN
JYA-A320 - 2011-11
JYA-A320-200-2014-05
JYA-A321 DELIVERY - 2014-08
JYA-A321-211 - 2014-08

May 2017:

5/5 ORDERS (2018-02) 787-9:

2 +4 ORDERS A319-112 (CFM56-5B6/P) (2879, /06 B-6232 - SEE PHOTO; 2913, /06 B-6233), 8C, 120Y.

7 +5 ORDERS A320-214 (CFM56-5B4/P) (2975, /06 B-6298; 3234, /07 B-6340; 3268, /07 B-6341; 3368, /07 B-6338; 5737, B-9978, 2013-08), (GEF) LSD. 8C, 150Y.

6 A320-214 (CFM56-5B4/3) (3485, 2008-05; 3506; 3596, 2008-09), (GEF) LSD. 8C, 150Y.

1 A320-214 (CFM56-5B4/3) (3027, /07 B-6311), DRAGON AVIATION LSG LSD.
8C, 150Y.

12 A320-214 (CFM56-5B4/3) (2975, B-6298; 3967, B-6572, 2009-07; 4064, B-6640, 2010-02; 4154, B-6619, 2009-12; 4401, B-6717, 2010-08; 4573, B-6736, 2011-01; 4840, B-6861, 2012-01; 4981, B-6860, 2012-01; 5013, B-6921, 2012-07; 5455, B-6963, 5491, B-6962; 6944, B-8408, 2016-01). 8C, 150Y.

4 A320-214 (CFM56-5B4/3) (3984, B-6602, 2009-08; 4102, B-6618, 2009-11; 4275, B-6670, 2010-04; 4833, B-6768, 2011-11), AERDRAGON AVIATION PARTNERS LSD. 8C, 150Y.

1 A320-214 (CFM56-5B4/3) (4429/TJ37, /10 B-6735), ASSEMBLED IN TIANJIN, 2011-01. 8C, 150Y.

1 A320-214 (CFM56-5B4/3) (5226, /13 B-6965), EX-(B-512L), 2013-01. 8C, 150Y.

5 A321-200 (CFM56-5B) (7229, /16 B-8457; 7303, /16 B-8458; 7322, /16 B-8459).

5 ORDERS (2017-04) A321-200:

4 A321-211 (CFM56-5B2) (6172, B-1857, 2014-06; 6221, B-1872, 2014-07; 6433, B-1645, 2015-01; 6701, B-8068, 2015-07)), EX-(D-AVXV, D-AZAX, & D-AZAV), (GEF) LSD.

4 A321-231 (6435, B-1646; 7208, B-8540, 2016-08, 7229, B-8457, 2016-08; 7322, B-2668, 2016-10), EX-(D-AZAW, D-AVZS & D-AVYR).

5/5 ORDERS (2018-02) 787-9 DREAMLINER:

Management:
(definitions)

WANG JUNJIN, CHAIRMAN (wangjunjin@juneyao.com) JUNEYAO GROUP.

HUANG HUI, CHIEF EXECUTIVE OFFICER (CEO).

WANG JUNHAO, JUNEYAO GROUP PRESIDENT.

LIJIA DONG, PRESIDENT.

JI GUANGPING, VP.

 
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