Oasis Management, a Hong Kong-based investment fund, has taken a 5 percent stake in Hawaiian Holdings Inc, parent of Hawaiian Airlines, the fund said in a regulatory filing on Monday.

The investment reflects the fund’s view that the airline is undervalued based on the potential growth in traffic from Asia.

“The market seems to be fundamentally overlooking the potential for Hawaiian as it opens direct routes to mainland China,” said Alex Shoghi, an analyst with Oasis.

In 2014, Hawaiian’s main new route will be three weekly flights to Beijing, Hawaiian’s Chief Commercial Officer, Peter Ingram, told Reuters in an interview last week.

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