China Eastern Airlines shares in Hong Kong rose as much as 14.4 per cent on Monday after the weakest of the country's big three carriers announced it was acquiring rival Shanghai Airlines for just under Rmb9bn ($1.3bn) as it battled high operating losses.
The state-orchestrated tie-up will see China Eastern dominate the Shanghai aviation hub.
China Eastern also said it would raise about Rmb7bn by issuing new shares to strengthen its balance sheet.
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