Document:

EX-4.47

 Exhibit 4.47 

MEDIA SERVICES FRAMEWORK AGREEMENT 
 Party
A: China Southern Airlines Company Limited 
 Party B: Southern Airlines Culture and Media Co., Ltd. 

Party A refers to China Southern Airlines Company Limited and its wholly-owned or controlled subsidiaries (the “Group”). Party B
refers to Southern Airlines Culture and Media Co., Ltd. and its wholly-owned or controlled subsidiaries. 
 Based on the principle of
equality and mutual benefit, Party A and Party B hereby reach the following framework agreement on the matters set out below via consultation. 
 I.
General 
  

	Article 1	 The scope and contents of media services in this framework agreement include: agency services for collecting,
editing and distribution for Party A’s internal publicity media and platforms; exclusive advertising agency services for China Southern Airlines Company Limited and advertising agency services for its wholly-owned or controlled subsidiaries
provided by Party B; agency services for the planning, procurement and production of entertainment content in the application software of Party A’s in-flight entertainment system; supply services for CSA
Mall; recruitment public relations services; newspaper placement services; and other media services. 

  
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	Article 2	 The agency services of collecting, editing and distribution of internal publicity media and platforms means
that Party B is responsible for implementing the guiding opinions of Party A’s internal publicity media and platforms (including China Southern Airlines News, China Southern Airlines Windows, WeChat official accounts of China Southern Airlines
News and China Southern Airlines Micro Windows, indoor display screen of China Southern Airlines Building and related new media works) in terms of political direction, publicity orientation, column setting, content style, publicity focus,
distribution and publishing, etc. Services include working for Party A, providing Party A with planning, collecting, editing, production, printing, distribution, publishing and other services of internal publicity media and platforms, ensuring the
publicity quality and implementing the publication work. 

  
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	Article 3	 Advertising agency services refer to various forms of services entrusted by Party A to Party B in order to
establish its corporate image and promote its air passenger and freight products and services, under the conditions agreed in this Agreement. It includes the planning, agency and distribution of domestic and foreign movies and televisions, print and
outdoor advertisements and the design, production, distribution and agency of other media advertisements according to Party A’s promotion plan; planning and undertaking various public relations, promotion, investigation activities, exhibitions
and displays; design, making and promotion of China Southern Airlines CI system; design of packaging, decoration, environment art, handicrafts, industrial modeling; design, production and sales of aviation souvenirs, advertising materials, event
promotion supplies, marketing feedback gifts and corporate image products; development of related cultural industries and other advertising affairs. 

  

	Article 4	 The agency services for the planning, procurement and production of in-flight entertainment content of Party A
mean that Party B plans to purchase domestic and foreign movies, televisions, videos, news, entertainment, finance, sports and other related programs, makes other related programs and provides services related to
in-flight entertainment. 

  
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	Article 5	 Supply services for CSA Mall mean that Party B, as a supplier, joins the platform of Party A’s CSA Mall,
opens stores and provides merchandise sales and related services within the brand library of CSA Mall. 

  

	Article 6	 Recruitment public relations services mean that Party A entrusts Party B’s agents to carry out recruitment
promotion, on-site recruitment in each constituency, logistics support for recruitment activities, activity execution, production and coordination of TV programs for recruitment activities, gift sales related
to personnel recruitment and other services related to recruitment activities for building the brand and promoting the corporate image. 

  

	Article 7	 Newspaper placement services refer to the services provided by Party A to Party B to specifically implement the
placement of newspapers sponsored and distributed by Party B’s subsidiaries in Party A’s location. Newspapers and magazines sponsored by Party B are important tools of consensus propaganda of China Southern Air Holding Company Limited and
its member enterprises, providing consensus propaganda services for China Southern Air Holding Company Limited and its member enterprises. 

  

	Article 8	 Party B shall provide newspapers for reading to Party A; Party A shall assist Party B in arranging newspapers,
dispose them regularly, and strictly control the number and types of in-flight newspapers. 

Newspapers without “Domestic Unity Issue Number” are not allowed to be placed in the passenger cabin and other public areas. 

  
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	Article 9	 Party A entrusts Party B to be responsible for the printing, production and procurement business of thermal
boarding passes and other media, including the delivery of supply orders, tracking the completion of orders, assisting users in acceptance and payment of goods, etc. 

II. Rights and Obligations 
  

	Article 10	 Rights of Party A 

1. Party A has the right to formulate and adjust the work plan of annual advertising agency; planning, procurement and production of in-flight entertainment content; personnel recruitment and newspaper placement of Party A according to business needs, and has the right to ask Party B to implement it as planned. 

2. Party A has the right to decide the contents, forms, media, dissemination scope, word count, layout, start and stop time and other matters
of its publicity and promotion according to the needs of its business activities, and inform Party B of the above decisions according to the annual plan, and inform Party B of temporary projects 30 days in advance. 

  
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 3. Party A has the right to participate in Party B’s related media procurement and
price negotiation according to Party A’s relevant procurement regulations, and has the right to decide whether to accept the negotiation results. 

4. Party A has the right to require Party B to provide high-quality advertising design, production, distribution and agency services that
conform to Party A’s corporate image. 
 5. Party A has the right to approve the design, production and quotation of advertising items
provided by Party B. If the design and production of Party B’s advertising project cannot meet the requirements of Party A or the quotation is higher than the market price, Party A may choose a third party to provide advertising services. 

6. Party A has the right to review the advertisement produced by Party B before the advertisement is published. 

7. In case that Party B fails to complete relevant projects according to Party A’s quality and time requirements, Party A has the right to
ask Party B to give financial compensation. 
 8. Party A has the right to require Party B to submit the content framework and work plan to
Party A for written consent before implementation when Party B provides the agency services for the planning, procurement and production of in-flight entertainment content and recruitment public relations
services. 

  
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 9. Party A has the right to constantly communicate with Party B according to the needs of
work and the principle of “positivity as the general requirement, control as the basis, and fair use as the key”, and put forward guiding opinions on the political direction, publicity orientation, column setting, content style, publicity
focus, distribution and publishing of Party A’s internal publicity media and platforms. 
 10. Party A has the final right to review the
reports related to Party A. The general guiding documents shall be provided by Party A to Party B in writing, and Party B shall sign for confirmation. 
  

	Article 11	 Obligations of Party A 

1. To facilitate Party B to handle all kinds of advertisements under this Agreement, Party A shall provide Party B with business license, air transport
business license, certification materials of authenticity of advertising content and other relevant materials stipulated in the Advertisement Law of the People’s Republic of China. 

2. Party A shall be responsible for the authenticity of the advertising content provided. 

3. If Party B defaults due to reasons of Party A, all legal and financial responsibilities arising therefrom shall be borne by Party A. 

  
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 4. Party A shall guarantee to assist Party B in performing this Agreement according to the corresponding
listing rules of the stock exchange where its securities are listed (hereinafter referred to as the Listing Rules). 
  

	Article 12	 Rights of Party B 

1. Party B enjoys the exclusive advertising agency qualification of Party A under the conditions agreed in this Agreement. If the design and
production of Party B’s advertising projects cannot meet the requirements of Party A or the quotation is higher than the market price, and Party B agrees to give up the right of exclusive advertising agency services for these projects, Party A
may choose a third party to provide advertising agency services. 
 2. Party B has the right to put forward its own suggestions on the
advertising plan set by Party A. 
 3. Party B has the right to check the authenticity of the content of relevant advertisements provided by
Party A, and has the right to refuse to handle advertisements with inaccurate content or incomplete supporting documents. 
 4. Party B has
the right to collect agency fees, production fees, service fees and other fees for providing services according to this Agreement. 

  
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	Article 13	 Obligation of Party B 

1. Party B guarantees that it has the approval documents and qualifications required to provide various services stipulated in this Agreement,
and its signing and fulfillment of this Agreement will not violate the provisions of laws, regulations and rules. Party B shall guarantee to assist Party A in performing this Agreement according to the corresponding listing rules of the stock
exchange where its securities are listed (hereinafter referred to as the Listing Rules). 
 2. Party B shall provide services in a timely
manner in strict accordance with the service items determined by written instructions of Party A’s annual business plan or individual entrustment, and Party B shall be solely responsible for the responsibilities arising from any behavior beyond
the scope entrusted by Party A. 
 3. After receiving the entrustment notice from Party A, Party B shall complete the plan within the
specified time according to the requirements of Party A, and send the plan to Party A for review and then organize its implementation. 
 4.
Party B shall be responsible for the legality of the advertisement produced by it, and any infringement liability of copyright, portrait rights and other rights of the advertisement put forward by a third party shall be borne by Party B. 

  
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 5. Party B shall be responsible for the whole process of selection, negotiation,
procurement, implementation and supervision of media or media agents as agreed in the contract, implement media evaluation and media purchase, and publish advertisements in time. Party B shall formulate a supplier procurement management system,
detail the selection, negotiation, procurement and implementation process of media suppliers, define the qualification standards, asset scale and credit status of suppliers, specify the procedures of advertising procurement, contract signing and
fulfillment, purchase in strict accordance with rules and regulations, and carefully select advertising suppliers with considerable scale and rich experience. 

6. After the advertisement of Party A handled by Party B is published, Party B shall track and monitor the actual publishing effect of the
advertisement and provide a monitoring report to Party A according to the progress of the project. The monitoring report, as a part of the settlement vouchers of both parties, includes, but is not limited to, a summary of advertising space
publishing, such as advertising space location, publishing date, publishing period, advertising form, specification and quantity; photos, pictures and other supporting materials; differences between the actual broadcast of advertisements and the
planned schedule, and explanation of reasons; advertising reach and exposure data. According to the actual situation, both parties may separately agree on the provision time, specific form and content of the monitoring report in the advertising
agency agreement. 

  
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 7. Party B shall keep confidential the advertising business content entrusted by Party A,
and shall not disclose and publish the entrusted content to any third party without authorization. In case that Party A’s advertising information is leaked in advance due to Party B’s reasons, resulting in any legal liability or financial
loss, Party B shall bear all the responsibilities. 
 8. Party B shall be responsible for the legality of its advertisements by using Party
A’s advertising media, and any legal disputes arising from Party B’s reasons during the publishing process shall be settled by Party B; Party B shall actively assist Party A in dealing with any legal disputes that are not caused by Party
B, and at the same time earnestly safeguard the image of Party A. 
 9. In case that Party B uses Party A’s aircraft (including the
exterior and interior of the aircraft) as advertising media, in addition to ensuring the airworthiness of the aircraft, its advertising content, form and placement position shall conform to Party A’s overall layout and the company’s
business philosophy, and shall not interfere with Party A’s normal operation. 
 10. Party B shall provide Party A with newspapers and
magazines in the aircraft cabin for reading based on the principle of mutual benefit. Based on its initial founding concept, the media sponsored by Party B’s subsidiaries shall undertake the function of promoting China Southern Air Holding
Company Limited and its member enterprises from the beginning. Regarding Party A as a major member enterprise of China Southern Air Holding Company Limited, Party B’s subsidiaries shall publicize Party A’s route and aviation development
trends in its host media. 

  
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 11. Party B shall bear the increased production costs such as advertising by Party A’s in-flight entertainment programs and facilities as media. Party B agrees to sign a specific agreement with Party A separately on the income obtained and expenses incurred in the recruitment of public relations
services to determine the distribution method. 
 12. In case that Party A customizes gift to Party B, Party B shall design and make the gift
style according to Party A’s requirements, and print Party A’s logo on the gift customized by Party A. 
 III. Advertising Copyright 

 

	Article 14	 All the copyright of advertisements produced by Party B on behalf of Party A in accordance with this Agreement
shall be owned by Party A. Without the permission of Party A, Party B shall not use it for other advertising agency activities outside this Agreement. 

IV. Annual Transaction Caps of Media Service 
  

	Article 15	 Party A and Party B unanimously confirm that the maximum annual transaction amounts of media service business
under this Agreement are RMB240 million in 2022, RMB261 million in 2023 and RMB282 million in 2024 (excluding tax). 

  
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	Article 16	 The actual transaction amount between Party A and Party B shall be executed according to the amount determined
in the single business contract separately signed by both parties, but the actual media service fee incurred each year shall not exceed the annual transaction caps agreed in this Agreement. Party A and Party B shall meet the requirements of relevant
Listing Rules during the implementation of this Agreement. 

 V. Pricing and Payment of Media Service Fees 

 

	Article 17	 The service pricing or charging standards under this Agreement shall be determined with reference to the market
prices, and shall be agreed by both parties through arms-length negotiations when a single specific business occurs. 

  

	Article 18	 The “market prices” referred to in this Agreement refer to the prices independently set by the
operators and formed through market competition. 

  

	Article 19	 The market prices are determined in the following order: 

  
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 1. the prices then charged by independent third parties providing similar services under
normal trading conditions in or in the vicinity of the place where such services are provided; 
 2. the prices then charged by independent
third parties providing similar services under normal trading conditions within the PRC. 
  

	Article 20	 Both parties shall, before 31 December of each year in the next three years, review the pricing standards
and payment methods of the next fiscal year in combination with the related services agreed in this Agreement, and sign a supplementary agreement. In case that both parties fail to reach an agreement on the terms of the supplementary agreement
before the above deadline, the pricing standard and payment method of the current year shall apply to the next fiscal year. 

  

	Article 21	 After reaching an agreement with Party B on specific media services, Party A authorizes Party A’s business
department to issue a “Customer Confirmation Form” to Party B, and sign a single specific media service business contract separately, and both parties shall pay the fees according to the specific contract. The media service-related fees
that Party B promises to charge Party A are all based on the market prices of similar businesses recognized by Party A. 

  
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 VI. Term and Change of Agreement 

 

	Article 22	 This Agreement is valid from 1 January 2022 to 31 December 2024. 

 

	Article 23	 Unless otherwise stipulated or required by the Listing Rules applicable to Party A, a renewal agreement can be
signed by both parties through written negotiation thirty days before the expiration date. 

  

	Article 24	 During the validity period of this Agreement, Party A and Party B may change or supplement the terms of this
Agreement through negotiation. 

  

	Article 25	 Within the validity period of this Agreement, Party A and Party B may dissolve this Agreement in writing
through negotiation, but one party shall notify the other party thirty days in advance. 

 VII. Liability for Breach 

 

	Article 26	 Party A and Party B shall strictly fulfill their respective obligations under this Agreement, otherwise it may
constitute a breach of contract, and the breaching party shall bear corresponding liabilities for breach of contract according to the relevant provisions of the Civil Code of the People’s Republic of China. 

  
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 VIII. Miscellaneous 
  

	Article 27	 The conclusion, fulfillment, interpretation and dispute settlement of this Agreement shall be governed by the
laws of the People’s Republic of China. 

  

	Article 28	 This Agreement is made in quadruplicate, with Party A and Party B holding two copies each, all of which have
the same legal effect. 

 (No text below) 

  
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 Party A: China Southern Airlines Company Limited 

Signature: 
 Date: 

Party B: Southern Airlines Culture and Media Co., Ltd. 

Signature: 
 Date: 

  
 17EX-4.48

 Exhibit 4.48 

The Conditional Subscription Agreement relating to the 

Subscription of the A Shares under the Non-public Issue of A Shares of China 

Southern Airlines Company Limited 
 The
following parties entered into a share subscription agreement (“this Agreement”) as at 29 October 2021 in Guangzhou, Guangdong Province, People’s Republic of China: 

Party A: China Southern Airlines Company Limited 
 Address: Unit
301, 3/F, Office Tower Guanhao Science Park Phase I, 12 Yuyan Street Huangpu District, Guangzhou, Guangdong Province 
 Legal Representative: Ma Xu Lun 

Party B: China Southern Air Holding Limited Company 
 Address:
Guangzhou Baiyun International Airport, Guangdong Province 
 Legal Representative: Ma Xu Lun 

(The parties above are collectively referred to as the “Parties”, and each as “Party” hereinafter) 

Whereas: 
  

	 	1.	 Party A is a joint stock limited company incorporated and validly subsisting under the laws of the PRC, whose
shares are listed and traded on the Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. As of the date of this Agreement, the registered capital of Party A is RMB6,948,416,728, and the total share capital is 16,948,416,728.

  

	 	2.	 Party B is a state-owned holding company incorporated and validly subsisting under the laws of PRC and is the
controlling shareholder of Party A. As of the date of this Agreement, Party B directly holds 8,600,897,508 A Shares of Party A and indirectly holds 2,279,983,577 H Shares of Party A, accounting for 64.20% of the total issued share capital of Party
A; 

  
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	 	3.	 Party A intends to increase its registered capital by non-public issue
of A Shares. Party B intends to subscribe for all A Shares of Party A issued under this non-public issue in cash. 

In witness whereof, the parties hereby enter into this Agreement to clarify their rights and obligations in connection with the subscription
of A Shares issued under this non-public issue after friendly negotiation. 
 Section I Definitions and
Interpretation 
  

	 	1.1	 In this Agreement, the following terms shall have the following meanings, unless otherwise agreed:

  

	 	1.1.1	 “This Agreement”, refers to the Conditional Subscription Agreement relating to the Subscription of
the A Shares issued under the Non-public Issue of A Shares of China Southern Airlines Company Limited entered between the parties on 29 October 2021. 

 

	 	1.1.2	 “A Shares issued under the non-public issue”: refers to all A
Shares issued by Party A to Party B by way of non-public issue in accordance with this Agreement as the subject purchased by Party B, with a par value of RMB1.00 each under requirements of this Agreement.

  

	 	1.1.3	 “Non-public issue of A Shares”: refers to the issuance by
Party A of A shares to Party B by the way of non-public issue. 

  

	 	1.1.4	 “Completion of the non-public issue”: refers to the date on
which A Shares issued under the non-public issue are registered under the name of Party B in the CSDC. 

  

	 	1.1.5	 “Price Benchmark Date”: refers to the price benchmark date of the
non-public issue of A shares. 

  

	 	1.1.6	 “Company”: refers to Party A, China Southern Airlines Company Limited. 

 

	 	1.1.7	 “CSAH”: refers to Party B, China Southern Air Holding Limited Company. 

  
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	 	1.1.8	 “CSRC”: refers to China Securities Regulatory Commission. 

 

	 	1.1.9	 “SSE”: refers to Shanghai Stock Exchange. 

 

	 	1.1.10	 “CSDC”: refers to Shanghai branch of the China Securities Depository and Clearing Corporation
Limited. 

  

	 	1.1.11	 “General Mandate”: refers to an unconditional general mandate granted to the board of directors at
the 2020 annual general meeting of the Company held on 30 June 2021, to separately or concurrently, allot, issue, and deal with additional A Shares and H Shares of the Company and to make or grant offers, agreements or options in respect
thereof, with the number of shares not exceeding 20% of the aggregate number of each of the existing A Shares and H Shares in issue as at the date of the relevant resolution to be proposed and passed at the annual general meeting. The General
Mandate is valid until the earlier of the conclusion of the 2021 annual general meeting of the Company; or the expiration of the 12 months period following the passing of the relevant resolution; or the revocation or variation of the authority given
to the board of directors of the Company under the resolution by a special resolution in general meetings. 

  

	 	1.2	 Interpretation 

  

	 	1.2.1	 The headings of this Agreement are for ease of reference only and shall not be used to interpret this
Agreement. 

  

	 	1.2.2	 All references to an article, section , paragraph, annex or appendix shall be subject to the articles,
sections, paragraphs , annexes or appendices of this Agreement. 

  

	 	1.2.3	 “Including” as used in this Agreement refers to “including but not limited” whether or not
it is followed by “but not limited”. 

 Section II Share Subscription Arrangement 

 

	 	2.1	 The parties agrees that, the Price Benchmark Date of this non-public
issue of A Shares shall be the date of the announcement of the resolutions of the third meeting of the ninth session of the board of directors of the Company. 

  
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 The issue price of this non-public issue of A
Shares shall be the higher of the 90% of the average trading price of the A Shares in the 20 trading days immediately prior to the Price Benchmark Date, and the latest audited net asset value per Share attributable to equity shareholders of the
Company (rounded up to the nearest two decimal places). The average trading price of the A Shares in the 20 trading days preceding the Price Benchmark Date= the total trading amount of A Shares traded in the 20 trading days preceding the Price
Benchmark Date/the total volume of A Shares traded in the 20 trading days preceding the Price Benchmark Date. The mentioned net asset value per Share will be adjusted in case of ex-right or ex-dividend events including distribution of dividend, bonus issue, rights issue, and transfer to share capital from capital reserve during the period from the balance sheet date of the Company’s latest audited
financial report to the date of issuance. 
 Based on the abovementioned pricing principles, the price of the Shares under this non-public issue of A Shares is RMB5.60 per Share. 
 The issue price of this non-public issue of A Shares will be adjusted in case of ex-right or ex-dividend events including distribution of dividend, bonus
issue, rights issue, and transfer to share capital from capital reserve during the period from the Price Benchmark Date to the date of issuance. 

The adjustment formula are set out as follows: 

When distributing cash dividends only, the adjustment formula will be: P1 = P0–D 

When issuing bonus shares or capitalising capital reserve, the adjustment formula will be: P1 =P0 /(1+N) 

When conducting rights issue only, the adjustment formula will be: P1=(P0+A×K)/(1+K) 

  
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 When distributing cash dividends, issuing bonus shares or capitalising capital reserve, and
conducting rights issue were performed simultaneously, the adjustment formula will be: P1=(P0–D+A×K)/(1+K+N) 
 Whereas, P1
represents the adjusted issue price; P0 represents the issue price before adjustment; D represents cash dividends per Share; N represents the number of bonus shares per Share or number of Shares resulting from capitalisation of capital reserve to be
issued for each Share; A represents the price of the rights shares; and K represents the number of rights shares to be issued for each Share. 

Based on the abovementioned issue price, Party A will issue 803,571,428 shares under this non-public
issue of A Shares, which is not more than 20% of the total share capital of A Shares as at the date of the 2020 annual general meeting of the Company, raising gross proceeds of not more than RMB4,500 million (including RMB4,500 million). Where
there are ex-right or ex-dividend events including bonus issue, rights issue, and transfer to share capital from capital reserve during the period from the resolution
announcement date of the meeting of board of directors to the date of issuance which led to an adjustment of the issue price, the number of the A Shares to be issued under this non-public issue of A Shares
will be adjusted accordingly. The final number of A Shares to be issued under this non-public issue is subject to the approval of CSRC. 

 

	 	2.2	 Party B agrees to make a full one-time subscription of all A shares of
Party A issued under this non-public issue in cash. 

  

	 	2.3	 Party B agrees that, upon the fulfillment of all the “conditions precedent” set forth in section III
hereof, it shall irrevocably subscribed for all A Shares issued under the non-public issue in full in accordance with the notice of Party A and agreed by terms of this Agreement and remitted all cash
consideration in one lump sum to the bank account designated by Party A in writing. 

  
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	 	2.4	 The Parties confirm that, after the completion of this non-public
issue, Party B shall be entitled to the corresponding rights of A Shares (including the right to income from accumulated profits) and undertake the corresponding obligations according to the actual number of A Shares held by Party B.

 Section III Conditions Precedent 
  

	 	3.1	 This Agreement shall be effective from the date of fully fulfillment of the following conditions:

  

	 	3.1.1	 The board of directors, general meeting of Party A shall pass the resolution and agree to implement the non-public issue of A Shares under this Agreement; 

  

	 	3.1.2	 The board of directors or the authority specified in the articles of association of Party B shall pass the
resolution and agree to subscribe for the non-public issue of A Shares under this Agreement; 

  

	 	3.1.3	 All licenses, authorizations, permits, consents, approvals and other forms of approvals from the relevant
approval authorities, including but not limited to the competent authorities supervising the state-owned assets and CSRC, etc, which allow Party A to carry out the non-public issue of A Shares under this
Agreement, have been obtained. 

  

	 	3.2	 The Parties shall use theirs best effort to do or urge to do any further necessary actions and matters that may
be required in accordance with the applicable laws and regulations to fulfill the conditions precedent in the above terms and non-public issue of A Shares. 

 

	 	3.3	 If the conditions precedent set forth above are not satisfied within 12 months from the date on which this
Agreement is approved at the general meeting of Party A, and an extension resolution on non-public issue of A Shares is not approved at the general meeting of Party A, this Agreement shall cease to be
effective. Neither of the parties shall make any claim against the other party, except for any previous breach of contract. If an extension resolution on non-public issue of A Shares is approved at the general
meeting of Party A, this Agreement shall remain in a pending state until all conditions precedent have been satisfied or the validity of the extension resolution has expired. 

  
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 Section IV Completion of the Non-Public Issuance

 4.1 When the CSDC confirms that the subscription of A Shares issued under this non-public
issue has been completed and the registration has been completed, this non-public issue under this Agreement shall be completed. 

Section V Lock-up Arrangement 

 

	 	5.1	 Party B undertakes not to list or transfer all A Shares to be subscribed under the Company’s non-public issue within 36 months from the completion date of this non-public issue of A Shares. The same lock-up requirement is
applicable for the A Shares subsequently obtained due to distribution of share dividend, transfer to share capital from capital reserve and rights issue by the Company during the lock-up period.

  

	 	5.2	 In accordance with the relevant laws and regulations and the relevant provisions and requirements of CSRC and
SSE, Party B shall issue the lock-up commitment for the target shares subscribed under this non-public issue of A Shares and handle the relevant matters regarding the lock-up. 

 Section VI Party A’s Undertakings and Warranties 

 

	 	6.1	 Party A shall warrant to Party B that: 

 

	 	6.1.1	 Party A is a company limited by shares duly registered and validly existing in accordance with the laws of the
People’s Republic of China, and meets the legal conditions for non-public issue of A Shares; 

  

	 	6.1.2	 Party A shall sign and perform this Agreement: 

 

	 	(1)	 It complies with the provisions of its articles of association; 

 

	 	(2)	 It has taken or will take the necessary corporate actions to obtain all the necessary authorizations and
approvals; 

  
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	 	(3)	 It will not violate any legal or contractual restrictions binding or affecting Party A. 

 

	 	6.2	 Party A warrants that all information provided by Party A to Party B during the negotiations and consultations
for the execution of this Agreement is true, accurate and complete. 

  

	 	6.3	 Party A undertakes that it will abide by the terms of this Agreement. 

 

	 	6.4	 Party A undertakes that it shall bear the economic and legal liabilities arising out of the breach of the
warranties and undertakings mentioned above and shall indemnify Party B for the actual losses and expenses incurred thereby. 

Section VII Party B’s Undertakings and Warranties 
  

	 	7.1	 Party B shall warrant to Party A that: 

 

	 	7.1.1	 Party B is an enterprise legal person duly registered and validly existing in accordance with the laws of the
People’s Republic of China; 

  

	 	7.1.2	 Party B shall sign and perform this Agreement: 

 

	 	(1)	 It complies with the provisions of its articles of association; 

 

	 	(2)	 It has taken or will take the necessary corporate actions to obtain all the necessary authorizations and
approvals; 

  

	 	(3)	 It will not violate any legal or contractual restrictions binding or affecting Party B. 

 

	 	7.2	 Party B warrants that all information provided by Party B to Party A during the negotiations and consultations
for the execution of this Agreement is true, accurate and complete. 

  

	 	7.3	 Party B undertakes that it will abide by the terms of this Agreement. 

 

	 	7.4	 Party B undertakes that it shall bear the economic and legal liabilities arising out of the breach of the
warranties and undertakings mentioned above and shall indemnify Party A for the actual losses and expenses incurred thereby. 

  
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 Section VIII Default Liabilities 

 

	 	8.1	 Any breach of the obligations, undertakings, representations and warranties in this Agreement by either party
hereunder shall be deemed as breach of this Agreement. If this Agreement cannot be performed in whole, in part or in time due to the breach of contract by the breaching party, and thus causes losses to the other party, such breaching party shall be
liable for compensation. 

 Section IX Change, Modification and Assignment of this Agreement 

 

	 	9.1	 Any change or modification to this Agreement shall be made in writing and agreed upon by the Parties hereto.

  

	 	9.2	 Changes and modifications to this Agreement shall form an integral part of this Agreement.

  

	 	9.3	 Neither party shall assign any part or all of its rights or obligations hereunder without the written consent
of the other party. 

 Section X Entire Agreement 

 

	 	10.1	 This Agreement constitutes the entire agreement between the Parties with respect to the subject matter of this
Agreement and supersedes any prior oral or written proposals, representations, warranties, undertakings, letter of intent, memorandum of understanding, agreements and contracts between the Parties. Neither party shall rely on, and shall have no
right to rely on, such proposals, representations, warranties, undertakings, letters of intent, memorandum of understanding, agreements or contracts. 

Section XI Tax Apportion 
  

	 	11.1	 Except as otherwise agreed by the Parties, the relevant taxes incurred in this
non-public issuance of A Shares shall be borne by the Parties in accordance with relevant provisions of the state. 

  
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 Section XII Notice 

 

	 	12.1	 Any notice shall be sent in writing by either party to this Agreement under or in connection with this
Agreement. Notice shall be deemed to have been served if it is delivered by hand, or by registered mail to the following address, or to any other address to which the recipient has given ten days’ prior written notice: 

Party A: China Southern Airlines Company Limited 

Address: No. 68 Qixin Road, Bai Yun District, Guangzhou 

Postcode: 510403 

Recipient: Zhang Xinyuan(张馨元) 
 Party B: China Southern Air Holding Limited Company 

Address: No. 27, Hang Yun Nan Road, Ji Chang Road, Guangzhou 

Postcode: 510405 

Recipient: Wang Hong Dan(王红丹) 
 If any notice is served by hand, it shall be deemed to have
been served after the recipient has signed for it. If the notice is sent by registered mail, it shall be deemed to have been delivered on the seventh day after it was sent to the recipient’s address. 

Section XIII Termination of this Agreement 
  

	 	13.1	 On occurrence of any of the following circumstances, this Agreement may be terminated: 

 

	 	(1)	 This Agreement shall be terminated by mutual consent of the Parties hereto; 

 

	 	(2)	 Either party shall have the right to unilaterally terminate this Agreement by notice in writing if this
Agreement fails to meet the conditions precedent of section III or fails to be performed by law, decree, governmental injunction or judicial order. 

  
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	 	13.2	 In the event of any fault of either party or the fault of both parties resulting in any of the circumstances
referred to in the foregoing articles, the offending party shall be liable for the breach in accordance with section VIII hereof. 

Section XIV Dispute Resolution 
  

	 	14.1	 This Agreement shall be governed by the laws of the People’s Republic of China (excluding Hong Kong
Special Administrative Region, Macao Special Administrative Region and Taiwan for the purpose of this Agreement). 

  

	 	14.2	 For any dispute arising from the execution of this Agreement, the Parties shall try to settle by friendly
negotiation. If the negotiation fails, either party may initiate a suit to the People’s Court in Guangzhou with jurisdiction. 

  

	 	14.3	 The Parties shall continue to perform the provisions of this Agreement, except for the disputed matters
submitted in the lawsuit. 

 Section XV Confidentiality 

 

	 	15.1	 Upon the execution of this Agreement, unless prior written consent is obtained from the other party, the
Parties shall undertake the following obligations of confidentiality, whether or not the non-public issuance of A Shares hereunder is completed, and whether or not this Agreement is terminated, rescinded,
revoked, deemed invalid or fulfilled: 

  

	 	15.1.1	 The Parties shall not disclose this Agreement and the transaction hereunder, and any documents related to the
transaction (hereinafter referred to as “Confidential Documents”) to any third party; 

  

	 	15.1.2	 The Confidential Documents and their contents shall only be used by the Parties for the purpose of the
transaction hereunder and shall not be used for any other purpose. 

  
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	 	15.2	 The disclosure of Confidential Documents by the Parties hereto for the following reasons shall not be
restricted by section 15.1: 

  

	 	15.2.1	 Disclosure to the parties hereto and the sponsor agencies of the
non-public issue of A Shares, intermediary agencies of the non-public issue of H Shares such as financial consultants, accountants, lawyers, underwriters engaged by each
party; 

  

	 	15.2.2	 Disclosure due to the compliance with mandatory provisions of laws and regulations; 

 

	 	15.2.3	 Disclosure due to the mandatory requirements of competent government authorities. 

Section XVI Others 
  

	 	16.1	 This Agreement shall take effect from the date of signature by the legal representatives or authorized
representatives of the Parties and shall come into force in accordance with section III hereof. 

  

	 	16.2	 For the matters not mentioned herein, the Parties shall otherwise negotiate and sign a supplemental agreement
in writing, and such supplemental agreement shall have the same legal effect as this Agreement. 

  

	 	16.3	 This Agreement is made in eight counterparts with each party holding two counterparts, the remaining four
counterparts filing with the relevant authorities, and each one has equal legal effect. 

 (No text below) 

  
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 (This page is for signature and seal page of the Conditional Subscription Agreement relating to the
Subscription of the A Shares issued under the Non-public Issue of A Shares of China Southern Airlines Company Limited without body text) 

Party A: China Southern Airlines Company Limited (common seal) 

Legal representative or authorized representative: (signature) 

29 October 2021 
 Party B: China Southern Air Holding
Company Limited (common seal) 
 Legal representative or authorized representative: (signature) 

29 October 2021

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