Shares of Hainan Meilan International Airport Co Ltd (stock code: 00357) surged 12.39% to HK$8.90 on October 21, marking their highest level since October 8. The stock's strong performance was driven by the company's announcement of a strategic joint venture partnership with Changi Airports China Pte Ltd.
Hainan Meilan International Airport has agreed to establish a 51%-owned joint venture with Changi Airports China, an indirect subsidiary of Changi Airport Group owned by Singapore's Ministry of Finance. The joint venture will operate and manage various non-aeronautical businesses at Haikou Meilan International Airport, including retail, catering, leisure, advertising, and guest services.
Investors greeted this joint venture deal positively, as it is expected to enhance the non-aeronautical revenue streams and operational efficiency of Hainan Meilan International Airport. By partnering with the reputable Changi Airport Group, the airport operator can leverage the expertise and best practices of its Singaporean counterpart in managing and maximizing the potential of these non-aeronautical services.
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