American Airlines Group (AAL) - Get Report will take a $200 million stake in China Southern Airlines in the second move by a U.S. carrier into the world's fastest-growing commercial aviation market.

American will own around 2.68% of China Southern's outstanding shares after paying $1.55 billion Hong Kong dollars ($200 million) for a special issue of 270.6 million shares sold Tuesday by China Southern, according to a stock exchange statement. The HK$5.74 price is a 5.32% premium to China Southern's closing price on March 23, when the shares were suspended from trading amid speculation of a deal with American.

China Southern shares resumed trading Tuesday in Hong Kong and were marked 2.73% lower by the close of the session at HK$5.34 each, valuing Asia's biggest commercial airline by traffic at HK$76 billion ($9.78 billion).

The move marks the second foray into China's growing aviation market, which could overtake the U.S. in terms of passenger volume within the next decade, after Delta Airlines (DAL) - Get Report took a 3.55% stake in China Eastern Airlines for around $450 million in 2015

American Airlines shares closed at $41.74 each in New York Monday after rising 0.02% on the session. The stock has fallen more than 14% over the past three months, however, against a 4% decline for the Dow Jones U.S. Airlines Index.