The collapse of Oasis Hong Kong last week left stranded passengers searching for alternative flights. But the worry for start-up carriers is that investors in Asia’s low-cost airline sector will also start looking for alternative places for their cash.

Just six months ago, funding for newcomers appeared to be taking off, with three Asian airlines announcing deals in the space of two weeks. Oasis was among them, selling a $30m stake to Value Partners, an asset manager. But that was before the Asian stock-market rally fizzled out and before oil breached $100 a barrel.