China Southern Airlines Company Ltd. parent China Southern Air Holding Ltd. Co. established a cargo company with 1 billion Chinese yuan in capital, Reuters reported, citing a Chinese National Enterprise Credit Information Publicity System filing.

China Southern Airlines will move its freight unit's operations to the new entity, the State-owned Assets Supervision and Administration Commission reportedly said in October, with the parent's air cargo assets also due to move to the cargo company.

As of Dec. 26, US$1 was equivalent to 7.00 Chinese yuan.