Shanghai and Hong Kong, April 13, 2011 – Welkin today announced that it has invested in Juneyao Airlines, China’s leading fully privately owned airline. With a growing fleet, currently comprised of 19 new Airbus A320 aircraft, Juneyao Airlines provides scheduled air transport services to destinations in Mainland China and Hong Kong.
Juneyao Airlines has delivered continuous profitability for the past four years and earned a net profit of RMB 416 million in 2010, more than tripling 2009’s results. With Welkin’s investment, the company will continue its rapid growth by adding new aircraft to its fleet and commencing operations on new domestic, regional and international routes.
Pu Jiang, an Executive Director of Welkin, said: “Juneyao Airlines is one the fastest growing airlines in China and, since its founding, has delivered an outstanding operational and financial track record. By providing passengers with superior hard and soft product at reasonable fares, the company has developed a loyal and growing customer base. This high level of service quality, combined with low operating costs, gives Juneyao Airlines a fantastic business model that has allowed it to take market share while achieving high levels of profitability. The demand for domestic and international air travel in China will continue to grow rapidly for the foreseeable future and Juneyao Airlines is well positioned to benefit from this growth.”
Welkin is a China-focused mid-market growth equity investment firm with a distinguished family heritage and strong entrepreneurial roots. Founded in 2009, Welkin invests in niche-leading, growth stage companies in China on behalf of global institutional investors and the firm’s employees. Welkin deploys its local resources, industry knowledge, and operating expertise, to drive impactful value creation and help companies achieve their full growth potential. For more information, please visit www.welkincapital.com.
About Juneyao Airlines
Juneyao Airlines is China’s leading fully privately owned airline. Founded in 2005 by the Juneyao Group, the airline has a registered capital of RMB 300 million and is a “Top 100 Chinese Private-Owned Enterprise”. Juneyao Airlines is based at Shanghai Hongqiao International Airport and Pudong International Airport and currently serves over 30 cities in Mainland China and Hong Kong from those hubs. The company’s operations include scheduled passenger air transport services, cargo and mail transport, and chartered flight services. For more information, please see www.juneyaoair.com.