Hong Kong airlines has emerged as the latest candidate to launch the city's first IPO in both renminbi and Hong Kong dollars. A landmark dual-currency listing from HKA would be a shot in the arm for Hong Kong's efforts to develop an offshore renminbi equity market, after a number of companies cancelled plans to offer shares in both currencies last year. With no precedent, a big fundraising target, and a growing list of alternatives for overseas renminbi investors, however, market participants are far from convinced that HKA's plans will take off.
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