Airline teams up with Cosco to form pioneer air-cargo firm

H-share China Eastern Airlines has joined China Ocean Shipping (Cosco) to form the mainland's first cargo-based airline company - China Cargo Airlines. China Eastern will contribute 350 million yuan (about HK$325.71 million) for a 70 per cent stake in China Cargo. Cosco will own the remaining 30 per cent and pay 150 million yuan. China Cargo's business includes domestic and international air freight and mail delivery, courier service for cargo and mail, sub-contracting aircraft for transportation of goods, agency services for air freight and mail delivery.