China Eastern Airlines Corporation Limited announced a private placement and entered into a subscription agreement of not more than 5,662,332,023 A Shares for gross proceeds of not more than CNY 15,000 million on May 10, 2022. The pricing base date is the first day of the issuance period. The issue price will not be less than 80% of the average price of the company's shares during the 20 trading days prior to the pricing base date.

The transaction will include participation from not more than 35 specific investors, including returning investor China Eastern Air Holding Company Limited for not more than CNY 5,000 million, which hold 56.43% of total shares in the company before completion of the transaction. The transaction has been approved at the 17th meeting of the company's 9th directorate, and is subject to the approvals of the company's shareholders, the main body performing the duties of the state-owned assets supervision and management, and the China Securities Regulatory Commission. The share issued are subjected to locking period of 18 months from the date of completion of the issuance, for China Eastern Air Holding Company Limited, and 6 months from the date of completion of the issuance for other shareholders.