(Yicai Global) Sept. 15 -- Okay Airways Co., the first non-state-owned airline in mainland China, has begun the initial public offering (IPO) process, and plans to introduce strategic investors -- state-owned enterprises; industrial chain partners in tourism, hotel, and aircraft maintenance industries; and other airlines -- before stepping into the capital market, said Li Zongling, the company's new chairman.

Li assumed his post last month and was previously a senior manager of a state-owned airline. As Okay Airways paid equal attention to passenger and cargo transportation from an early stage, it is trailing competitors that developed at the same time as it, Li told Yicai Global yesterday.

The group has halted the operation of all its cargo planes and intends to fully focus on passenger transportation with the aim of building Okay Airways into a global quality airline with unique characteristics, he said.

Spring Airlines Co. [SHA:601021] and Juneyao Airlines Co. [SHA:603885], which grew alongside Okay Airways, are both listed on China's A-share market. They boast fleets three times the size of that of Okay Airways.