Spring Airlines finishes projects, reallocates remaining 2022 fundraising to working capital

Spring Airlines has announced the conclusion of its investment projects funded by the 2022 non-public offering of shares. As of December 26, 2025, all projects are complete, including the acquisition of nine Airbus A320 series aircraft and one A320 flight simulator, as well as the replenishment of working capital.

The total raised funds amounted to CNY 2,999,999,965, with a net amount of CNY 2,972,037,999 after deducting transaction expenses. The total remaining raised funds, including interest income and net of some outstanding issuance fees, is CNY 20,821,300. This amount represents 0.70% of the net raised funds.

In a strategic move to enhance capital efficiency, Spring Airlines plans to permanently reallocate these remaining funds to supplement its working capital. Concurrently, the dedicated special account for the raised funds will be closed. As the remaining funds are less than 5% of the net raised funds, the company confirmed that this action does not require board of directors or shareholder approval, nor an opinion from the sponsor.