China's Spring Airlines has become the fifth largest shareholder in China Southern Airlines after it subscribed to China Southern’s A-share non-public offering in a deal valued at US$122.78 million.

A total 140.53 million A shares in China Southern, at 6.02 yuan per share, was subscribed to by Spring Airlines, which accounts for 1.63% of the share capital in CSA after the issuance completion.

Spring Airlines said the deal helps adhere to the government's request for strategic cooperation between state-owned capital and private capital.