Hong Kong Airlines (HX, Hong Kong International) has abandoned plans to go public citing the recent turmoil in China's markets. Quoting informed sources, The Wall Street Journal states the carrier decided to drop its IPO plans indefinitely on Monday this week. This is the third time in four years the carrier has had to cancel a planned listing.

China's stock market volatility has heavily affected Hong Kong’s own Hang Seng Index which has fallen 24% since hitting a 52-week high in April.

Hong Kong Airlines had originally planned to pursue a dual-currency IPO in both Chinese Yuan (CNY) and Hong Kong Dollars (HKD), aiming to raise the equivalent of USD500 million to fund its fleet expansion requirements and to retire debt. The listing was deferred in March after Hong Kong Airlines failed to file a formal application within the six-month deadline following the submission of its draft prospectus.