China's Hainan Airlines has completed a private placement of shares to the Hainan provincial government and its parent company HNA Group, raising 3 billion yuan ($439 million).
It issued more than 595 million shares at 5.04 yuan per share to state-owned enterprise Hainan Provincial Development Holdings and HNA Group, says the carrier.
The funds will be used to repay bank loans and supplement its working capital, it adds.
There is no change to the airline's shareholding structure after the transaction, says Hainan.