In a statement to the Shanghai Stock Exchange, Hainan Airlines outlined a plan to raise up to eight billion yuan ($1.2 billion) via a private placement of 1.247 billion shares with a set lower limit of 6.42 yuan each. The airline, which is part owned by US financier George Soros, will use the proceeds of the placement to repay outstanding bank loans of about 6 billion yuan, with the rest being used for working capital. This is not the first private placement issued by Hainan Airlines; it raised three billion yuan in February 2010. After the latest issues, the airline’s

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