Hainan Airlines' subsidiary Hong Kong Airlines has restarted its plan to launch an initial public offering (IPO) on the Hong Kong Stock Exchange to raise approximately $500 million for fleet expansion, an industry insider confirmed to ATW.

The carrier had planned to launch an IPO in 2012, but it stalled for unspecified reasons. The insider noted the Hong Kong-based carrier is expected to launch the IPO this year, but it hasn’t submitted an IPO application to the Hong Kong Stock Exchange.

Currently, Hong Kong Airlines operates a fleet of 23 aircraft and plans to introduce three aircraft this year and six next year.
The carrier has maintained a consecutive profit for three years and reported an operating profit of CNY200 million ($25.7 million) last year.
Passenger boardings climbed 35% to 4.8 million in 2013. This year it has opened two new routes from Hong Kong to Kagoshima and Tianjin and has boosted frequencies on flights to Beijing, Hangzhou and Okinawa.