Fieldfisher advises Air China Cargo on $466m Shenzhen Stock Exchange IPO
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Press Release

Fieldfisher advises Air China Cargo on $466m Shenzhen Stock Exchange IPO

09/01/2025
A large passenger airplane is parked at an airport gate during sunset. The sky features a mix of pink, orange, and blue hues while the sun is partially visible near the horizon. The airplane is connected to the gate by a jet bridge.

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China

European law firm Fieldfisher advised Air China Cargo on its main board listing, which raised around $466 million. This successful IPO was the largest A-share offering on the Shenzhen Stock Exchange in 2024.

The airfreight subsidiary of Air China Group (a state-owned entity), began trading on the Shenzhen Stock Exchange (SSE) on 30 December.

Following its initial issuing price at about $0.32 per share, Air China Cargo's share price saw a remarkable surge, reaching $1.27 representing a 304.35% increase. Consequently, the company's market valuation has reached approximately $15.25bn.

Founded in 2003 as a joint venture by Air China, Citic Pacific and Beijing Capital Airport Group, Air China Cargo has grown to become a significant player in air freight. The Beijing-based company offers logistics services on 24 routes, with a global presence that includes operations in Shanghai, the Netherlands and the US. In 2023, Air China Cargo demonstrated strong performance, recording operating revenue of $2.03bn and a net profit of $157m.

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Commenting on Air China Cargo's successful admission to SSE, Zhou Zhaofeng, Managing Partner of Fieldfisher China who led the legal team advising the company on its IPO, said:

“The IPO is the natural next step in Air China Cargo’s journey. The funds raised will be used to introduce a new aircraft, acquire backup aircraft engines, enhance comprehensive logistics capacity and build information and digital infrastructure projects. This investment will be integral to the future success and growth of the company.”

The cross-office Fieldfisher team was led by Partners Zhou Zhaofeng (Managing Partner of Fieldfisher China), Sheng Feng (Corporate, China), Patrick Halfpap (Corporate, Germany), Marie Evrard (Corporate, Belgium) and Marinus de Waal (Finance, Netherlands).

Fieldfisher has led on a number of successful client IPOs, including acting for CleanTech Lithium, EnSilica, Public Policy Holding Company and KazMunayGas among others.