St East Airlines and St on the opening of the trading

China Eastern Airlines acquisition of the event progress yesterday, St Eastern Airlines and St on the opening of the trading, trading volume, respectively, 98 hands and 61 hands. The plan is consistent with the outside world, Oriental Airlines Co., Ltd. (hereinafter referred to as "Eastern Airlines") yesterday announcement, will be replaced by the merger of Shanghai Airlines Co., Ltd. (hereinafter referred to as "airlines"), the proportion of 1:1.3. Upon completion of the merger, the company will terminate the listing and cancellation of legal personality, but can still retain its independent brand operations.　　After the merger of the new Eastern Airlines will surpass China International Airlines Co., Ltd. became the second largest airline, fleet size of more than 300. In order to complete the merger, China Eastern Airlines intends to issue no more than 1.35 billion shares and no more than 490 million H shares, with a total financing of about 7 billion yuan respectively. Analysts believe that refinancing will be the East Airlines holding shareholders of the eastern Group shares diluted, in favor of opening up the follow-up injection space.　　Preliminary estimates show that the East Airlines asset-liability ratio will be reduced from 115.13% to 112.07% after the completion of the merger. A 1:1.3 per cent change in share ratio, China Eastern will give Shanghai airlines a risk premium of about 25% in the implementation of the swap, which will allow it to buy a 1 share in Shanghai Airlines for 1.3 shares in Eastern Airlines. The exchange price is determined on the basis of the two-tier market price of the benchmark day of the price of a shares of both parties.　　The exchange rate of Oriental Airlines is the price benchmark of 20 trading days, that is, 5.28 yuan/share of the Eastern airlines A-shares; The exchange rate of Shanghai Airlines is the average price of a shares of Shanghai Airlines, which is 5.50 yuan/share. Upon completion of the merger, the airline will become a wholly-owned subsidiary of China Eastern Airlines, which will receive all the assets, liabilities, business, personnel and all other rights and obligations of Shanghai Airlines. Meanwhile, the total assets of China Eastern Airlines increased from 72.658 billion to 86.763 billion yuan.　　In the first quarter of 2009, revenue rose by 30 48% to 1 1 6 7 yuan, and earnings per share increased by 400 million to 35.37% yuan. Shanghai local media revealed that China Eastern Airlines chairman Liu will continue to be the "new East Airlines" chairman, China Eastern General manager Machalen also position unchanged, at the same time, there will be one to two senior executives into the board of China Eastern Airlines.　　But Zhou Chi, chairman of the board, may go to a bureau-level cadre in Shanghai. Refinancing 7 billion yuan to solve the liquidity yesterday, China Eastern Airlines announced a value of about 7 billion yuan in the directional issuance program, including 1.35 billion A and 490 million H-shares. The non-public offering of a shares is for a specific investor, including the Eastern group, not exceeding 10 (or the quantity limit stipulated by the laws and regulations issued at the time of issue). China Eastern Group is committed to the subscription of the Non-public offering of a shares and China Eastern Airlines International subscription of this targeted additional H shares of the total amount of not less than 3 billion yuan.　　China Eastern means that the refinancing will be used to replenish the company's liquidity. After refinancing, the share capital of Eastern airlines rose from 7.7 billion shares to 9.6 billion shares, expanding about 25%.The total of 1.3 billion of the shares to be considered on the flight in accordance with the 1:1.3 swap, equity will expand to 11.3 billion, compared to the beginning of the expansion of 131%. Citic Securities analyst Ma Xiaoli said, Eastern Airlines for the first time 7 billion yuan directional issuance, the Eastern Airlines Group's shareholding reached 74.65%, close to the big shareholder cap. The Eastern Airlines again directed additional 7 billion yuan and completed with the merger of the airline, the Eastern Airlines Group's shareholding diluted to 59.94%, the future of the government to get the space to inject capital is reopened.　　At the same time, taking into account the oil hedging losses back, China Eastern Airlines is expected to be completed after the transfer of capital assets. 2008 International oil price fluctuations, resulting in the eastern Fuel option contract at the end of 2008 fair value loss of about 6.256 billion yuan, but also caused the cruise oil hedging contract at the end of 2008 fair value loss of about 172 million yuan.　　Eastern Airlines said that 2009 Eastern Airlines due delivery of the number of hedging contracts, may produce a certain amount of actual delivery losses. After the birth of the second largest airline and the completion of the swap, the Eastern airlines will operate more than 300 aircraft, in the domestic market after China Southern Airlines Co.　　With 2008-year statistics, the absorption of Eastern Airlines in the Shanghai base market share of the passenger transport can reach about 47%, the share of freight is about 27%.　　China Eastern said the most obvious benefit of the merger to the two companies was that it could play a synergistic role in the areas of network construction, procurement of aerospace materials, and increase the resources of Shanghai's starting and arriving times. Domestic routes, Eastern Airlines and Shanghai Airlines have more overlap, absorption of the merger after the company can optimize the domestic route network layout, improve resource allocation and use efficiency. International routes, Eastern Airlines and Shanghai airlines have complementary advantages.　　Shanghai Airlines mainly engaged in East Asia, Southeast Asia, the international/regional passenger service, as well as the Star Alliance members of the main route network, Oriental Airlines mainly engaged in European and American routes. Changjiang Securities believes that the combined three major airlines in Beijing, Shanghai, Guangzhou pillars, a total of 75% of the total turnover of the country, passenger volume accounted for 73%, the concentration of the industry further improved. Conducive to promote the healthy development of the industry. But from the present point of view, the effect of integration needs to be further observed. Newspaper reporter Dong Ji