A handful of private airlines in China were the first to return to profitability post-pandemic by beating their state-owned peers on price and by adapting more quickly to demand caused by a shift away from long-haul international flights. In the first quarter, three of the country's major privately owned carriers — Spring Airlines Co. Ltd. (601021.SH), Juneyao Airlines Co. Ltd. (603885.SH), Hainan Airlines Holding Co. Ltd. (600221.SH) — all reported profits backed by strong revenue growth, marking a reversal from losses taken in the same period in 2022.

https://www.caixinglobal.com/2023-06-01/lower-fares-and-a-regional-focus-help-chinas-private-airlines-win-race-to-profitability-102061116.html

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