China Eastern Airlines has become China’s first state-owned carrier to diversify ownership of a logistics subsidiary with the sale of a 55% stake to four investors and the subsidiary’s core employees. The Shanghai-based airline aims to compete with US-based cargo carriers such as FedEx, UPS and DHL. The China Eastern Group will hold a 45% stake in the logistics subsidiary, worth CNY1.8 billion ($270.9 million) in state-owned capital, and attract a CNY2.3 billion investment in ...

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