Established on 15 January 2003 as the second cargo airline in the country after China Cargo Airlines,[REF] it was majority owned by the HNA Group (85%) with Hainan Airlines Co (5%) and Shanghai Airport Group (10%) holding the remaining shares.
In 2006, it divested 49% of its shareholdings to a consortium of companies including China Airlines, Yang Ming Marine Transport Corporation, Wan Hai Lines and China Container Express Lines.