Spring Airlines (9C, Shanghai Hongqiao) is planning to raise up to CNY4.5 billion (USD725 million) through a private placement of 3.84 billion shares a disclosure to the Shanghai Stock Exchange has revealed. The A-class stock is to be sold, in cash, to a group of not more than ten specific investors.

The Chinese LCC plans to use CNY3.7 billion (USD596 million) to finance the purchase of twenty-one A320-200s from Airbus (AIB, Toulouse Blagnac) with the remaining CNY800 million (USD129 million) to be used to upgrade its IT infrastructure and to equip its current A320 fleet with WiFi internet connectivity.

Founded in 2005 as China's first budget carrier, Spring Airlines operates a fleet of fifty A320-200s on flights to seventy-four destinations located throughout eight countries.