Having 85% of shares holdings with three airlines, might not satisfy the following rule.
Shares in public hands. At least 25% of the applicant's total issued share capital must at all times be held by the public. For applicants with an expected market capitalisation of over HK$10 billion at the time of listing, the SEHK may consider accepting a lower percentage of public float of between 15% and 25%. The SEHK will not entertain an application to reduce the level of public float after the company is listed.