Hainan Airlines (HU, Haikou) has been given the go-ahead by the CAAC Southeast Regional Administration to establish its new subsidiary, Fuzhou Airlines (FU, Fuzhou). According to WCARN, Fuzhou Airlines is a joint venture between Hainan Airlines (60%), the Fujian state-owned Assets Investment Holdings Ltd (20%), Century Golden Resources Group (10%) and Ningbo Ruitong Network Technology Co. Ltd (10%). Backed by CNY2billion (USD33million) in start-up capital, Fuzhou Airlines is a limited liability company licensed to operate domestic passenger and cargo services. The Civil Aviation Administration of China (CAAC) has begun soliciting submissions on Fuzhou Airlines and said that, notwithstanding any objections to the start-up's application, approval to launch operations using B737s should be granted before February 10, 2014.