Xiamen Airlines
In order to keep pace with fast developments, China Southern raised capital from the capital market. The airline was successfully listed on the Hong Kong and New York Stock Exchanges in July 1997, raising $600–$700 million. Much of the funds raised were used to facilitate the airline's fleet expansion, repayment of debt, and investments in other capital; it followed up with domestic listing in 2003 at the Shanghai Stock Exchange. By 1997, the airline, along with its joint-venture airlines Xiamen Airlines, Shantou Airlinesm and Guangxi Airlines, was carrying some 15 million passengers per year using about 90 aircraft, operating about 270 routes among 68 destinations and almost 2,450 flights per week. The airline group's revenue totalled some US$1.4 billion with a net income of $90 million.