Capital A is exploring a potential listing on the Hong Kong Stock Exchange (HKEX), according to a May 2, 2025, media statement. CEO Tony Fernandes says a dual listing would allow the company "to tell our story on a global stage and connect with a broader investor base." Capital A is currently listed on Kuala Lumpur's Bursa Malaysia exchange.
Capital A says a HKEX listing would allow it to more easily tap into global investor pools, including from Mainland China. "Discussions are ongoing, and Capital A is close to appointing an international investment bank to advise on the proposed listing structure and timeline," the statement reads. "Plans to initiate the formal process are subject to internal assessments and regulatory approvals."
Capital A ultimately controls AirAsia and AirAsia X and holds stakes in various AirAsia-branded sibling carriers. The company is working towards exiting Practice Note 17 (PN17) status, which Bursa Malaysia imposes on listed companies it considers to be in financial distress. The exit process, which Capital A says it hopes to complete by mid-year, involves "disposing" of the company's aviation interests to AirAsia X Berhad. This separately listed company is also ultimately under the control of Fernandes and his business partner Kamarudin Meranun.
Minus its aviation interests, Capital A's key businesses will include an MRO provider called Asia Digital Engineering, the Teleport logistics business, and a digital travel and lifestyle platform called AirAsia Move. In October 2024, Capital A abandoned plans to undertake a backdoor listing on the NASDAQ or New York Stock Exchange. When announcing that scheme, Fernandes also highlighted the importance of tapping into global investment pools. He now says the HKEX offers "the same opportunities."
