Why China Eastern Airlines Corp. Ltd. ADR Class H (NYSE: CEA) stock is rising

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China Eastern Airlines Corp. Ltd. ADR Class H (NYSE: CEA) stock rose 1.91% on September 12th, 2019 and continued its bullish momentum rising over 2.2% on 13th September, 2019 (As of 11:41 am GMT-4; Source: Google finance) after Advisor Group Inc. boosted its stake in shares of China Eastern Airlines Corp. Ltd. ADR Class H (NYSE:CEA) by 24.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,171 shares of the transportation company’s stock after buying an additional 428 shares during the quarter. Advisor Group Inc.’s holdings in China Eastern Airlines Corp. Ltd. ADR Class H were worth $64,000 as of its most recent SEC filing.

Why China Eastern Airlines Corp. Ltd. ADR Class H (NYSE: CEA) stock is rising

Meanwhile, the Company has received notices from Shanghai Juneyao (Group) Co., Ltd. and Shanghai Jidaohang Enterprise Management Company Limited, stating that on 11 September 2019, JuneYao Group pledged 311,831,909 listed A shares of the Company (representing 1.90% of the total share capital of the Company) with trading moratorium to China Merchants Wealth Asset Management Co., Ltd., the pledge period of which shall commence from 11 September 2019 until the end of the limitation period of action for the creditor’s rights under the principal creditor’s right contract, and on 11 September 2019, Shanghai Jidaohang pledged 589,041,096 listed A shares of the Company (representing 3.60% of the total share capital of the Company) with trading moratorium to China Merchants Wealth Asset Management Co., Ltd., the pledge period of which shall commence from 11 September 2019 until the end of the limitation period of action for the creditor’s rights under the principal creditor’s right contract.

On the other hand, China Eastern Airlines claimed that it has sustained losses because of the grounding of the Boeing 737 Max 8 airplanes, state-run Chinese media Xinhua reported. The airline did not disclose details in its letter of claim to Boeing. China Eastern, based in Shanghai, has not flown its 14 Max airplanes since March after China became one of the first countries to stop its commercial operations after crashes of an Ethiopian Airlines flight in March and an Indonesia Lion Air crash in October, killing hundreds. Boeing has been working on a software fix to the current safety system that forced the plane into a steep dive that the pilots could not override to prevent a stall. The system was believed to be involved in both crashes.

 

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