Ming Pao Society Review
The Hong Kong Government has shot to save the Cito, investing through land funds and providing transition loans for 27.3 billion yuan.This time is the first time the Hong Kong government has injected private enterprises directly, and the target is an old -funded background of the British -funded background.The status of the international aviation hub is an important pillar of Hong Kong as the international metropolis. Cathay Pacific played an important role in this regard.The global aviation industry is frozen, and many national airlines are rescued by the government.It is necessary to be very important in a very period. In order to maintain the status of Hong Kong's international aviation hub, the Hong Kong government has practical needs to save Cathay.Cathay Pacific is the same as Hui Control. Although it is a British -funded enterprise, it is based on Hong Kong. It still plays a special role under one country and two systems. This time, the capital rescue arrangement also reflects this unique background. Of course, Cathay Pacific also has to try to improve its competitiveness.Challenge the international aviation industry after the epidemic.
Cathay Pacific's existence on Hong Kong has a great impact.
The difficulty of Hong Kong Airlines Ocean Park
The epidemic has stopped global aviation passengers nearly stopped, cross -border passenger decreases sharply, aviation, aviation, aviation, and aviationEven if the company does not stop due to the epidemic, there are not many passenger business to do it.Some countries are vast. Local airlines can also hope that domestic routes can help revenue. In contrast, the land of Hong Kong projectiles, Cathay Pacific, as a airline based on Hong Kong, is particularly severe in the epidemic.1%, from February, a monthly loss of 2.5 billion to 3 billion yuan in cash. If the short -term funding problem cannot be solved, there is indeed a risk of failure.
The major airlines in the world have asked the government for help. For example, the US aviation industry will ask the government to invest $ 25 billion in rescue. This week, the Austrian government announced that it will provide 450 million euros to Olympic Airlines. It is the latest example.The government's funding to save private enterprises cannot be separated from the two major considerations. One is that the involved enterprises are "so large that they cannot fall" and must prevent the bone card effect from causing a system crisis. The first is to have an important strategic industry.EssenceFrom these two perspectives, the Hong Kong Government has really needed to save the Kadai.
The International Financial Center and the International Aviation Hub are the two main positioning of Hong Kong. The two are closely connected to each other. Losing one of them will shake Hong Kong's fundamental.Provide and take measures to maintain Hong Kong's international and regional aviation center status. "The importance of international aviation hubs to Hong Kong is reflected in the aviation industry's support for import and export trade, business personnel, and tourism.According to the authorities, the aviation industry's contribution to the economy of Hong Kong is close to 5%of GDP, involving tens of thousands of positions, and Cathay is an indispensable protagonist in the daily operation of Hong Kong's international aviation hub.
Cathay Pacific is a well -known brand in the international aviation industry. Based on Hong Kong for more than 70 years, it has accumulated decades of operating experience. Air transportation has obtained international recognition. Business partners are all over the world.With financial resources and operating experience, it can be replaced, filling the vacuum of Cathay Pacific once closed down.It is true that in recent years, the international aviation industry is fiercely competitive. Cathay Pacific has faced the challenges of low -air navigation and has become difficult to operate. However, Cathay Pacific has been committed to reform. From 2018, it has changed to profit.Significantly reduced, the operating environment turned bad again.Regardless of performance or strategic importance, Cathay Pacific's situation cannot be compared with the financial difficulties of Hong Kong Airlines or Ocean Park.
Last year's anti -repair storm, Cathay Pacific also involved in the vortex of controversy. This time the government's capital injection and rescue will inevitably speculate whether there is a political motivation behind the rescue.In other words, the government chose to inject capital by priority shares. One of the intentions is believed to be the political color to reduce the rescue plan.Priority shares are generally higher than that of ordinary shares. Once the company closed down, the holders have a greater chance of compensation. However, shareholders holding preferred shares have no voting rights. Some economists also mentioned that looking at other places, the government uses other places.Priority shares are rare in injection and rescue. It reflects that the Hong Kong government hopes to show that this time it is "forced to intervene", and there is no intention of intervening in the company's operation, let alone "entering the master".The government has stated that he only intends to use senior people from the business, the legal community, and the accounting industry to join the Cathay PoA Board as an observer. It is not prepared to send officials to join, and it is also to reduce political speculation.
Do not change the capital structure of Cathay Pacific
Continue the special arrangement of one country and two systems
Today in Hong Kong's highly politicalization, believers are constant believers, and those who do not believe it must be suspected of the governmentThe saying, in the case of view, if the authorities want to be politically pressured, the same is true of the Lord. The reality is that Cathay Pacific also needs the mainland market.From a political perspective, the rescue plan and the practice of the Hong Kong government actually reflect Cathay Pacific's special role under one country and two systems.Cathay Pacific and Hui Control are both British -funded background companies in Hong Kong and Britain in Hong Kong. Cathay headquarters is in Hong Kong. Compared with London's foreign exchange control, it is deeper in Hong Kong.At that time, the central government proposed that one country, two systems resumed the exercise of sovereignty over Hong Kong, and many of the specific treatment were the arrangements of both history and reality.To this day, Hui Control is still one of the three major banknotes issuing banks in Hong Kong; Article 135 of the Basic Law mentioned that before the establishment of the SAR, a "registered in Hong Kong and the main business place in Hong Kong"It is even more like Cathay Po.
Cathay Pacific's Hong Kong is the base. The British government will not help each other.This time the capital injection plan of the Hong Kong government reflects two principles. One is to discuss business to ensure the return of reasonable dividends. Second, it will not affect the equity structure.The transfer of stocks to third parties will not change. From this perspective, the rescue plan is actually a special arrangement under the one country and the two systems.At present, Hong Kong and the international situation are intricate, and Cathay Pacific's special role remains unchanged, which is in line with the interests of all parties. For Beijing, taking care of British -funded interests in Hong Kong can also be a bargaining chip with London, which is no good for "decoupling".Of course, Cathay Pacific's life -and -the -life life of the Hong Kong Government does not mean that he can do nothing in the future.The epidemic changes the future business environment of the global aviation industry. Now it is impossible to predict what the future of the aviation industry will be. Cathay Pacific must deepen reform. If it does not enhance competitiveness, it is difficult to survive after the epidemic.
