Hong Kong Airlines’ Dual Currency IPO Misses Deadline

Hong Kong Airlines will have to start the costly IPO application process again after its much-anticipated IPO has lapsed, the Hong Kong stock exchange website shows.

The application process for Hong Kong Airlines’ IPO was supposed to be completed by the end of last year but the company failed to submit relevant listing documents.

The airline was hoping to raise USD500m in what would have been Hong Kong’s first dual-currency IPO but it will have to start over again.

Reapplying is a costly process and would mean that Hong Kong Airlines’ IPO will be further delayed.

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The market was expecting the airline to time its listing for the end of 2014 but it had not submitted the relevant listing documents within six months after filing its application proof on 4 September.

The airline, mainly focusing on the mainland market, has a fleet of 40 aircraft with 23 in its own operation and the rest sub-leased, according to its listing prospectus. – BusinessNewsAsia.comĀ