Spring Airlines, China’s only listed low-cost carrier and Asia’s biggest by market valuation, posted a 20.75% rise in net profit for 2014. Net profit grew to 884.2 million yuan (HK$1.1 billion) last year from 732 million yuan in 2013.Turnover was 7.3 billion yuan, up 11.64%. On the news Spring shares fell 3.79% yesterday to close at 92.28 yuan. Spring’s market value is now 37 billion yuan – or five times the value of AirAsia – Is that realistic? It may well be – Spring Japan is due to begin services in May 2015 and more international subsidiaries are set to

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