Say the name first. All airports that can open international routes will be called XX International Airport. The full name of the leading airline, Air China, is also "China International Airlines Co., Ltd.".

As long as it is an airline, it will set a grand scale, introduce wide-body aircraft and open long international routes in the future.

As long as it is an airport, it will plan to open several international routes.

Internationalization is a hot word for the four major aviation groups.

However, Wing Ge believes that the internationalization of the civil aviation industry is actually pseudo-internationalization. Is it international to open several international routes and transport several international passengers?

For most international enterprise groups, at least abroad, other countries have investments in industrial layout, target markets and related industrial chains. For such companies, we like to call them multinational groups.

For airlines, there are naturally many barriers and obstacles, that is to say, they cannot naturally become multinational companies in the usual sense.

For example, most countries have restrictions on entering the aviation industry and investing. Under normal circumstances, they can only invest in the form of equity participation.

Of course, domestic airlines have also made some attempts and explorations.

I. foreign airlines acquired by HNA

HNA has bought shares in many overseas airlines, such as Turkish cargo airline MyCargo, French Blue Eagle 48%, Ghana AWA Airlines and Brazil Azure Airlines 23.7%. Virgin Australia holds 13% equity, and Portugal Airlines TAP holds 20% equity.

Because of industry restrictions, most of them are equity participation.

However, due to the influence of HNA debt crisis and epidemic situation, almost all the investments of HNA ended in failure.

One of the most famous investments, or the closest investment to success, is the acquisition of shares in Brazil Blue.

Azure Airlines is a low-cost airline in Brazil.

Azul was founded in 2008 by david nail, the founder of JetBlue, a famous American low-cost airline, and served as the CEO of the company. Azul is the largest low-cost airline in Brazil.

Brazil has a large population of 209 million, ranking fifth in the world.

Brazil is the largest country in South America, with a vast territory of 8,547,400 square kilometers, ranking fifth in the world.

It should be said that the prospect of Brazil's low-cost airlines is still relatively good, and HNA's investment vision for Brazil's Azure Airlines is still relatively accurate.

In 20 16, HNA acquired 23.7% of the shares of Azure Airlines for US$ 450 million, becoming the largest shareholder of Azure Airlines.

In 20 17, the company went public in the United States and Brazil, and made a profit in 20 17.

In 20 17, the operating income was 7.789 billion Brazilian reais and the net profit was 529 million Brazilian reais.

2065438+April 2007, Azure Airlines successfully listed in Brazil and the United States.

The IPO price is $20.06.

After listing, Azure Airlines performed well, and its share price reached a new high, reaching a new high in early April of 20 18, reaching $35 and a market value of $4 billion.

At this time, HNA's floating profit is as high as 500 million US dollars.

However, at this time, the debt crisis broke out in HNA.

2065438+In April 2008, HNA transferred its 20% equity to United Airlines with a premium of 30% and a profit of 65438+38 million US dollars.

After the news that HNA was going to sell Azure Airlines, the share price fell all the way, reaching the lowest price of 15.53 USD in mid-July of 20 18.

2065438+In August 2008, HNA sold all the remaining 80% shares, but only sold for $306 million.

In the end, Hainan Airlines sold all the shares of Azure Airlines for $444 million.

Despite a series of positive results, HNA still lost $6 million on Azure Airlines.

In particular, 80% of the shares sold for the second time were sold at the price of 16. 15, which was basically the lowest price of Blue Airlines.

Since then, the share price of Azure Airlines has soared to $44.55. It can be said that HNA has been betrayed in the valley.

Of course, after the outbreak, the share price of Azure Airlines plummeted, and the current share price is only $65,438 +03.6438+07.

In the most successful investment, it can only be barely flat, and other investments can be said to be basically fiasco.

Second, China Eastern invested in Air France and KLM.

State-owned enterprises, especially central enterprises, are subject to many restrictions for various reasons.

Therefore, it is very rare for state-owned airlines to acquire or participate in HNA Airlines.

The only thing I'm afraid is that China Eastern Airlines invested in Air France-KLM.

From 2065438 to 2007, China Eastern Airlines and strategic investor Delta Air Lines increased their capital for Air France-KLM, one of the three major European aviation groups.

China Eastern Airlines invested about 375 million euros, held about 65,438+00% equity of Air France-KLM, and appointed 65,438+0 directors to Air France-KLM.

This is the only investment made by China Airlines in overseas famous aviation groups.

This strategic shareholding involves three parties, and Delta Air Lines has also participated in the equity investment of Air France-KLM, which will promote further cooperation among the three SkyTeam member airlines in Asia, the United States and Europe, and promote the establishment of an aviation network "Golden Triangle" connecting China, the United States and Europe.

According to the Market Cooperation Agreement between the two parties, China Eastern Airlines Group and Air France-KLM will jointly build the China-Europe trunk market, jointly expand the long-distance network and optimize the connection opportunities through the China-Europe portal, improve the customer experience in shortening the shortest transit time, sharing and improving airport service resources and facilities, unifying passenger service standards and processes, realizing joint check-in, and establishing seamless passenger and baggage processes, so as to provide more convenient, smoother and more diversified travel options for Chinese and European travelers. On the premise of complying with the law, both parties will enjoy high-quality non-aviation resources and further upgrade the frequent flyer cooperation plan; The two sides will aim at the forefront trend of the Internet in the world aviation industry, cooperate to enhance the integration of IT and business, seek resource synergy, and explore future opportunities for in-depth cooperation in business areas such as maintenance services.

On April 6th, 20021,Air France KLM Group announced that the European Union had approved the French government's plan to inject 4 billion euros into Air France.

In addition, China Eastern Airlines also promised to increase the capital of Air France KLM, and its share capital and voting rights will rise to no more than 65,438+00%, and its shareholding ratio will exceed that of Delta Air Lines, which was tied for third place.

Although the investment of China Eastern Airlines has also experienced floating losses in the short term, the investment of China Eastern Airlines is more based on strategic cooperation. In the long run, low entry may be a good choice.

3. Air China invests in Cathay Pacific.

Cathay Pacific is an airline in Hong Kong. Strictly speaking, Air China's investment in Cathay Pacific cannot be counted as an investment in the sea.

However, this investment is very important to Cathay Pacific and Air China. In addition, Cathay Pacific's major shareholder is the British capital Swire Group, so for now, Air China's investment in Cathay Pacific is considered to be a sea trip.

In 2004, Air China plans to go public. On the eve of listing, Cathay Pacific extended an olive branch to Air China.

In that year1October 20th 10, Air China and Cathay Pacific signed a memorandum of understanding. According to the preliminary agreement, Cathay Pacific subscribed for 9.9% shares of Air China during its IPO in Hong Kong.

With the support of Cathay Pacific, Air China successfully listed in Hong Kong.

Both sides have tasted the sweetness of cooperation, and since then, they have started the excellent trilogy of Starlight Project and launched all-round in-depth cooperation.

That is, "Star Plan 1.0", "Star Plan 2.0" and "Star Plan 3.0".

In June 2006, Starry Sky Project 1.0 was launched.

Air China, Cathay Pacific, AVIC Industry, CITIC Pacific and Swire Co., Ltd. signed an equity restructuring agreement.

The key content is that Cathay Pacific spent HK$ 8.2 billion to acquire Dragonair.

Cathay Pacific finally got rid of its 20-year-old heart disease and took over its biggest competitor, Dragonair, thus solving the dispute over navigation rights in Hong Kong.

On September 28th, 2006, Cathay Pacific formally acquired Dragonair, which replaced Japan Airlines as the largest airline in Asia at that time.

If the core content of Star Project 1.0 is Cathay Pacific's acquisition of Dragonair.

The core content of Star Project 2.0 is that Air China increased its shareholding in Cathay Pacific to 29.99%, becoming the second largest shareholder after Swire.

Then "Star Plan 3.0" opened the cooperation between the two sides in freight transportation.

20 10 February, Air China and Cathay Pacific reached a framework agreement, and the two sides will cooperate on the platform of Air China.

The cooperation between Air China and Cathay Pacific is undoubtedly a successful strategy of Air China.

As a strategic partner of Cathay Pacific, Air China holds 29.99% shares of Cathay Pacific.

Cathay Pacific holds the shares of Air China 18. 13%.

In addition, the two sides also signed a long-term cooperation framework agreement.

Through the cooperation between the two parties, Air China has comprehensively improved its management ability, management ability and brand image with Cathay Pacific, and continuously gained higher investment returns.

Air China has also changed from a company plagued by negative news to the most profitable airline in China.

In 2020, affected by the epidemic, Cathay Pacific quickly fell into extreme difficulties.

In 2020, Cathay Pacific's revenue was HK$ 46.934 billion, down 56.1%year-on-year;

The loss attributable to shareholders is HK$ 20164.8 million, equivalent to RMB10.8158 million, which is amazing.

As a result, Cathay Pacific launched a signing scheme of HK$ 410.95 billion, and the Hong Kong Government contributed HK$ 29.25 billion to help Cathay Pacific.

As the second largest shareholder of Cathay Pacific, Air China also contributed HK$ 3.5 billion to help Cathay Pacific.

Although at present, Air China's investment in Cathay Pacific seems to be a drag on itself.

However, since 2004, the strategic cooperation between Air China and Cathay Pacific has been relatively successful only from the perspective of the enterprise's own development.

Fourth, Spring Airlines invested in Japan.

Spring Airlines Japan Company was established on September 7, 20 12, and its headquarters is located in Narita City, Chiba Prefecture, Japan, with a registered capital of 65.438+0.88 billion yen, and the contribution ratio of Spring Airlines is 30.74%, making it the largest shareholder.

Spring Airlines Japan is positioned as a low-cost airline, and its main base is Tokyo Narita International Airport. The maiden voyage was completed in August 20 14. At present, its fleet size is six, all of which are Boeing B737-800 models leased for business.

Before the outbreak, it mainly operated 3 domestic routes in Japan and 6 international routes between Japan and China.

In 20 18, the operating income was 95 16 billion yen and the net profit was-4.993 billion yen.

20 19 year operating income1482 billion yen, net profit-2.75 billion yen.

In 2020, affected by the epidemic, the operation of Chunhang Japan is undoubtedly worse. Under this circumstance, Spring Airlines increased its capital by 730 million yuan to Spring Airlines Japan in July 2020.

After the capital increase, the capital contribution of Spring Airlines to its Japanese company was 65.438+0.728 billion yen, and the proportion of capital contribution increased from 365.438+0% to 56%. However, due to Japanese laws, Spring Airlines' voting rights are only 29%.

Due to the global spread and continuous surpassing of the COVID-19 epidemic, there is still great uncertainty whether Spring Airlines can overcome the market and operational difficulties and when it can make a profit. Therefore, the provision for asset impairment of Spring Airlines is 329 million yuan.

In 2020, Japan's net profit in the Spring and Autumn Period was-6.3 billion yen, once again setting a loss record.

Based on this calculation, the investment loss in the Spring and Autumn Period is RMB 402 million.

To sum up, the loss of Spring Airlines in Japan in 2020 is as high as 736,543.8+0 billion yuan. If this loss is excluded, Spring Airlines will make a profit in 2020.

Japanese civil aviation owners will be monopolized by JAL and ANA. If the two companies merge, it will further reduce the living space of other airlines.

In this case, the controlling stake of Spring Airlines Japan Company was transferred to Japan Airlines.

In June, 20021,JAL completed the capital increase of 6 billion yen for Spring Airlines Japan, and JAL became the controlling shareholder of Spring Airlines Japan.

The voting share of Spring Airlines is 33.33%, and that of Japan Airlines is 66.67%.

In fact, looking back at the overseas March of domestic airlines, the typical representative is HNA Group, which acquired Eagle Blue Airlines and Ghana AWA Airlines respectively, and once controlled Azure Airlines in Brazil, but they all sold at a loss.

China Eastern Airlines and Delta Air Lines strategically invest in Air France-KLM. Although it is mainly considered from a strategic point of view, short-term investment income is not considered, but the income is also negative.

Air China's investment in Cathay Pacific has also been dominated by losses in the near future.

Spring Airlines' investment in Japan has basically lost money.

From this point of view, airlines need to be cautious in overseas investment!