Juneyao Airlines Co., Ltd (SHSE:603885) agreed to acquire additional 11.9% stake in 9Air Co., Ltd from Elion Resources Group Limited for CNY 180 million on August 31, 2019. In 2018, 9Air generated revenue of CNY 2.2 billion and net profit of CNY 40.4 million. As of December 31, 2018, 9Air had total assets of CNY 3.8 billion and net assets of CNY 1.1 billion. As of August 31, 2019, board of directors of Juneyao Airlines approved the transaction and it doesn’t need to be submitted to the shareholders' meeting for consideration.