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    600115   CNE000000TR0

CHINA EASTERN AIRLINES CORPORATION LIMITED

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End-of-day quote Shanghai Stock Exchange  -  2022-08-11
4.870 CNY   +1.88%
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China's civil aviation regulator gets new party chief

06/17/2022 | 07:26am EDT

BEIJING, June 17 (Reuters) - China on Friday named Song Zhiyong, currently the chairman at Air China, as the new Communist Party chief for the country's civil aviation regulator, replacing Feng Zhenglin, who is nearing retirement age.

Civil Aviation Administration of China (CAAC) made the announcement on its website, citing a decision from Central Organisation Department, the party's human resource department.

Song, who is 57 years old, started out his career as a pilot at Air China. With his appointment as the party chief, he is likely on track to lead CAAC as its administrator, going by past examples, although that decision needs to come from the State Council, the country's cabinet.

Feng, who turns 65 in September - the retirement age for officials above the full ministerial level in China - first assumed the role of party boss in December 2015 before being named as the chief at CAAC in January the following year.

He remains as the administrator of CAAC for now.

Feng oversaw China's decision to be the first regulator in the world to ground the Boeing 737 MAX plane in March 2019 following two fatal crashes.

The grounding, soon followed by other countries, elevated CAAC's global prominence at a time when China aims to develop an advanced aviation industry on par with the United States and Europe.

During Feng's tenure, CAAC has also been overseeing certification of the COMAC C919 narrowbody, designed to compete against the 737 MAX and Airbus A320neo families, though it has faced several delays.

More recently, CAAC has been leading the investigation into the country's deadliest aviation accident in 28 years, the crash of a China Eastern Airlines 737-800 jet that killed 132 people in March. (Reporting by Stella Qiu and Yew Lun Tian; Editing by Toby Chopra)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIR CHINA LIMITED -2.46% 6.34 Delayed Quote.19.49%
AIRBUS SE 0.04% 108.46 Real-time Quote.-3.51%
CHINA EASTERN AIRLINES CORPORATION LIMITED 1.88% 4.87 End-of-day quote.-5.62%
THE BOEING COMPANY 1.26% 169.99 Delayed Quote.-15.56%
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Financials
Sales 2022 75 716 M 11 229 M 11 229 M
Net income 2022 -20 193 M -2 995 M -2 995 M
Net Debt 2022 205 B 30 353 M 30 353 M
P/E ratio 2022 -4,54x
Yield 2022 -
Capitalization 79 443 M 11 782 M 11 782 M
EV / Sales 2022 3,75x
EV / Sales 2023 2,38x
Nbr of Employees 80 321
Free-Float 28,0%
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Number of Analysts 16
Last Close Price 4,87 CNY
Average target price 5,04 CNY
Spread / Average Target 3,39%
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Managers and Directors
Yang Min Li Vice Chairman & President
Qimin Zhou Chief Financial Officer & Vice President
Shao Yong Liu Chairman
Li Jun Guo Chairman-Supervisory Board & Chief Economist
Xue Bo Dong Independent Non-Executive Director
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