Form of Proxy for Annual Shareholders’ Meeting

This is a routine meeting notice with no actionable financial information for investors.

Risk flags

• ●Lack of financial disclosure: The announcement provides no revenue, profit, loss, or cash flow figures, making it impossible for investors to assess the company’s financial health or trajectory. This lack of transparency is a material risk, as it prevents informed decision-making.
• ●Forward-looking agenda items: The majority of resolutions are forward-looking, such as approval of future financial services agreements and mandates to issue debt. Investors are being asked to approve actions with long-dated implications without any supporting data or projections.
• ●Unspecified capital intensity: The agenda includes a mandate to issue debt financing instruments and multi-year financial services agreements, both of which could have significant capital implications. Without disclosure of amounts or terms, investors cannot gauge the potential impact on leverage or liquidity.
• ●Unrecovered losses: The company notes that unrecovered losses exceed one-third of paid-up share capital, but provides no figures or context. This could signal financial distress or structural challenges, and the lack of detail is a red flag.
• ●Opaque profit distribution: A profit distribution proposal is on the agenda, but no dividend amount or payout ratio is disclosed. Investors have no basis to estimate future income or yield from holding the stock.
• ●No operational or strategic commentary: The absence of any discussion of business performance, strategy, or market conditions leaves investors in the dark about the company’s prospects and risk profile.
• ●Execution and timeline risk: Several resolutions relate to agreements and mandates that will only take effect in future years (2027–2029), introducing long execution timelines and uncertainty about eventual outcomes.
• ●Geographic and regulatory complexity: The company operates in China and references agreements with multiple entities, some of which may be subject to different regulatory regimes. This adds complexity and potential for unforeseen risks, especially given the lack of detail.

Bottom line

For investors, this announcement is purely procedural and provides no actionable insight into Air China Limited’s financial or operational performance. The company is simply notifying shareholders of the annual meeting and listing the resolutions to be voted on, without disclosing any numbers, trends, or substantive details. The narrative is credible only in the sense that it is not making any claims beyond the logistics of the meeting and the existence of agenda items. However, the lack of transparency and absence of financial disclosure are significant negatives, as investors are being asked to approve important mandates and agreements without any supporting information. There are no notable institutional figures or endorsements mentioned, so there is no external validation or signal to interpret. To change this assessment, the company would need to disclose actual financial results, dividend amounts, terms of financial agreements, and management’s outlook on business performance. In the next reporting period, investors should watch for the publication of the 2025 audited financial statements, details of the profit distribution proposal, and the specific terms and caps of the financial services agreements. Until such information is available, this announcement should be treated as a routine procedural notice, not as a signal to buy, sell, or materially adjust one’s position. The single most important takeaway is that investors currently lack the information needed to make an informed judgment about Air China Limited’s prospects or value.

Announcement summary

Air China Limited has issued a form of proxy for its annual shareholders' meeting scheduled for 11 a.m. on Thursday, 28 May 2026 at The Conference Room C313, No. 30 Tianzhu Road, Shunyi District, Beijing, the PRC. Shareholders are invited to vote on several ordinary and special resolutions, including approval of the 2025 work report, audited consolidated financial statements for 2025, profit distribution proposal for 2025, and re-appointment of auditors for 2026. Additional resolutions cover unrecovered losses exceeding one-third of paid-up share capital, granting a general mandate to issue debt financing instruments, and approval of various financial services agreements for the years 2027 to 2029. The meeting will also address the Remuneration Management Policy for Directors and Senior Management and the 2026 Directors' Remuneration Plan. Details of the resolutions are available in the company's circular dated 6 May 2026.

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