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Shanghai Airlines among China's top 500
( 2002-10-08 16:45 ) (8 )

Shanghai Airlines Co., Ltd. based here in east China's largest city, has earned a spot among China's 500 leading enterprises with last year's turnover of over 3 billion yuan (361 million US dollars), a company source confirmed here Tuesday.

The local list is jointly released by the China Enterprise Confederation and the China Enterprise Directors Association each year. Topping the 2001 list was the State Power Corporation of China.

Shanghai Airlines accession to the list marks the first time that an airline company not directly controlled by the General Administration of Civil Aviation of China (CAAC) has made its way to the country's Top 500.

Initially founded in 1985, Shanghai Airlines is one of China's largest local airlines, with a fleet of 22 planes, 130-plus air routes in operation, and a service network covering 48 Chinese cities and five international cities.

Last month, the company went public with a plan to raise over 1billion yuan (120.482 million dollars) through issuing shares. The company intends to use most of the money to purchase new planes and build additional hangars at Pudong Airport.