The Civil Aviation Administration of China ("CAAC") has recently released the Provisions on Annual Reports of Public Air Transport Enterprises (the "Provisions") to seek public opinions by February 11, 2019.
The Provisions clearly state that annual reports shall be submitted by June 30 each year, adding that a public air transport enterprise shall submit its annual report from the next year, if it just obtains the operating permit in the current year upon approval of the CAAC. Also, the Provisions read that, the annual report prepared by a public air transport enterprise shall mainly contain information as below, including 1. an overview of this enterprise; 2. a description of its business conditions; 3. details about its shareholders; 4. information about its directors, supervisors, senior managers, jet fleet, and professional technicians; and 5. explanations of other important events. Among others, the Provisions note that, among the important events are "lawsuits and arbitration cases which each involves the value of over CNY10 million that accounts for over 10% of the most recently audited net assets of the company" and "commendations at or above the provincial or ministerial level given to the enterprise within the reporting period".