Shareholders in China Eastern Airlines, one of the mainland’s three main carriers, along with Air China and China Southern, must be kicking themselves.

In January CEA shareholders threw out a bid by Singapore Airlines and its state parent, Temasek, to buy new shares in the company, at HK$3.80 a share, giving them a combined 24 per cent stake. Back then, when the carrier’s Hong Kong-listed shares were trading at HK$6.66, the rejection seemed rational enough. Now, however, CEA shares are HK$2.31, down three-quarters since their mid-October peaks.