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Formed 3/3/03 by Air China (51%), CITIC Pacific (25%; later transferred to Langxing Co), Beijing Capital Int'l Airport Group (24%). Was expected to merge with China Cargo Airlines (China Eastern) by 9/06, plan cancelled. Air China's share increased to 76% in early 2008 through CNAC (by purchase of stake owned by Langxing's Gold Leaf Enterprise Holdings); increased to 100% on 3/4/09. Reorganized 11/5/11 as a Shanghai-based joint venture between Air China (51%), Cathay Pacific (25%) and Fine Star (24%, offshore trust). Was to merge with China Cargo Airlines and China Southern's cargo division (announced 25/6/15), plan cancelled. Air China's 51% stake sold in 12/18 to Capital Holding, China. 31% stake purchased in 11/20 by Cainiao (Alibaba logistics division) and smaller investors (Shenzhen International Holdings Ltd with 10%, State Reform Shanghai Development Fund, and employees of Air China Cargo). 15% stake purchased in 9/21 by Cainiao Smart Logistics Networks (part of Alibaba Group).
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