Air China (CA, Beijing Capital) has unveiled plans to raise up to CNY20 billion Chinese yuan (USD2.9 billion) through a private placement of A-shares in an application to the Shanghai Stock Exchange accepted for review on January 8. According to a prospectus, controlling shareholder China National Aviation Holding and its subsidiary, China National Aviation Capital Holding, will fully subscribe to the issuance of up to 3.04 billion shares at CNY6.57 (USD0.9) per share. The net proceeds will be used for debt repayment and working capital.