Cathay Pacific Airways moved on 5 November 2025 to repurchase Qatar Airways’ entire 9.57 per cent holding for HK$6.97 billion (US$897 million). The deal, to be funded from cash reserves, removes a minority shareholder that joined the register in 2017 when Cathay was loss-making, and lifts the combined interests of Swire Pacific and Air China to almost 80 per cent.
Management framed the buy-back as a strategic step to sharpen governance and simplify decision-making at a time when the carrier is rebuilding capacity to 90 per cent of pre-pandemic levels. By cancelling the shares, Cathay expects mid-single-digit accretion to earnings per share and greater flexibility to raise fresh equity if needed for fleet renewal.
![Cathay Pacific Buys Back Qatar Airways’ 9.57 % Stake to Consolidate Hong Kong Hub]()
The move also underscores Hong Kong’s determination to reinforce its status as an international aviation hub after four years of border disruptions. A tighter shareholding structure should help the airline negotiate long-haul traffic rights, pursue alliances and fast-track its US$4.3 billion order book for A350 and 777-9 aircraft.
For corporate mobility managers, a financially stronger flag-carrier reduces execution risk on new routes and provides confidence that premium-cabin capacity—vital for executive travel—will continue to expand. The Hong Kong government, which still holds preference shares injected during the pandemic, welcomed the deal as “evidence of market confidence” and said it dovetails with plans to lift passenger volumes at Hong Kong International Airport to 80 million by 2027.
Industry analysts note that Qatar Airways’ exit frees the Gulf carrier to redeploy capital into its joint-venture projects in Europe and Africa, while Cathay gains headroom to deepen code-shares with oneworld partners and pursue its South-China Greater Bay Area strategy.
Management framed the buy-back as a strategic step to sharpen governance and simplify decision-making at a time when the carrier is rebuilding capacity to 90 per cent of pre-pandemic levels. By cancelling the shares, Cathay expects mid-single-digit accretion to earnings per share and greater flexibility to raise fresh equity if needed for fleet renewal.
The move also underscores Hong Kong’s determination to reinforce its status as an international aviation hub after four years of border disruptions. A tighter shareholding structure should help the airline negotiate long-haul traffic rights, pursue alliances and fast-track its US$4.3 billion order book for A350 and 777-9 aircraft.
For corporate mobility managers, a financially stronger flag-carrier reduces execution risk on new routes and provides confidence that premium-cabin capacity—vital for executive travel—will continue to expand. The Hong Kong government, which still holds preference shares injected during the pandemic, welcomed the deal as “evidence of market confidence” and said it dovetails with plans to lift passenger volumes at Hong Kong International Airport to 80 million by 2027.
Industry analysts note that Qatar Airways’ exit frees the Gulf carrier to redeploy capital into its joint-venture projects in Europe and Africa, while Cathay gains headroom to deepen code-shares with oneworld partners and pursue its South-China Greater Bay Area strategy.
