Announcement • Jun 29
Cathay Pacific Airways Limited to Report Q2, 2026 Results on Aug 05, 2026 Cathay Pacific Airways Limited announced that they will report Q2, 2026 results on Aug 05, 2026 Announcement • Jan 07
Cathay Pacific Airways Limited Announces Board and Committee Changes Cathay Pacific Airways Limited announced following consultation with the Executive in connection with the Amended Air China Irrevocable Undertaking, the Independent Board Committee will now comprise all the independent non-executive Directors, namely Bernard Chan, Lily Cheng, Christoph Mueller and Wang Xiao Bin, all of whom do not have any direct or indirect interest in the Share Buy-back. Each of the non-executive Directors, who has been nominated by either Swire Pacific or Air China (each an IU Shareholder), will not form part of the Independent Board Committee. As at the date of this announcement, the Directors of the Company are: Executive Directors: Patrick Healy (Chair), Ronald Lam, Lavinia Lau, Alexander McGowan, Rebecca Sharpe; Non-Executive Directors: Liu Tiexiang (Deputy Chair), Guy Bradley, Gordon McCallum, Sun Yuquan, Merlin Swire, Augustus Tang, Wang Mingyuan, Xiao Feng; and Independent Non-Executive Directors: Bernard Chan, Lily Cheng, Christoph Mueller and Wang Xiao Bin. Announcement • Dec 23
Cathay Pacific Airways Limited, Annual General Meeting, May 13, 2026 Cathay Pacific Airways Limited, Annual General Meeting, May 13, 2026. Announcement • Dec 03
Cathay Pacific Airways Limited to Report Fiscal Year 2025 Results on Mar 11, 2026 Cathay Pacific Airways Limited announced that they will report fiscal year 2025 results on Mar 11, 2026 Announcement • Jun 25
Cathay Pacific Airways Limited to Report First Half, 2025 Results on Aug 06, 2025 Cathay Pacific Airways Limited announced that they will report first half, 2025 results on Aug 06, 2025 Announcement • Dec 03
Cathay Pacific Airways Limited to Report Fiscal Year 2024 Results on Mar 12, 2025 Cathay Pacific Airways Limited announced that they will report fiscal year 2024 results on Mar 12, 2025 Announcement • Aug 30
Cathay Pacific Airways Limited Announces Board Changes The Board of Directors of Cathay Pacific Airways Limited announced that: Mr. ZHANG Zhuo Ping (Mr. Zhang) has resigned as a Non-Executive Director of the Company, and Mr. TANG Kin Wing Augustus ("Mr. Tang") has been appointed as a Non- Executive Director of the Company, and such resignation and appointment to take effect from 1st September 2024. Mr. Zhang has confirmed that he is not aware of any matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. He has also confirmed that his resignation is due to his retirement from the Company and that he has no disagreement with the Board. He will take on a senior advisor role for John Swire & Sons Limited in the Chinese Mainland. The Board would like to express its gratitude to Mr. Zhang for his outstanding contributions and wise counsel during the past four years since his appointment as a Director of the Company on 14th April 2020 and offers its best wishes to him. Mr. Tang, aged 65, is a director of John Swire & Sons (H.K.) Limited ("JS&SHK") and Air China Cargo Co. Ltd. He joined the Swire Group in 1982 and has worked with the Company in Hong Kong SAR, Malaysia and Japan. He had been Director Corporate Development of the Company from January 2005 to December 2006, an Executive Director of the Company from January 2007 to October 2008, and an Executive Director and Chief Executive Officer of the Company from August 2019 to December 2022. He had also been a director and chief executive officer of Hong Kong Aircraft Engineering Company Limited from November 2008 to August 2019, and an executive director of Swire Pacific Limited ("Swire Pacific") from August 2011 to May 2017. Mr. Tang is active in public duties and serves as a member of the Trade and Industry Advisory Board, a board member of the Community Chest of Hong Kong, a court member of the Hong Kong Polytechnic University, as well as an advisor to Hong Kong Foundation. He is also a member of the 14th National Committee of the Chinese People's Political Consultative Conference. Mr. Tang graduated from The Chinese University of Hong Kong with a bachelor’s degree (Hons) in Business Administration. In accordance with the Articles of Association of the Company, Mr. Tang will hold office as a Director of the Company until its annual general meeting to be held in 2025 (and will then be eligible for election). Thereafter he will retire at the third annual general meeting of the Company following his election and will be eligible for re-election. Mr. Tang has entered a letter of appointment, which constitutes a service contract, with the Company for a term expiring on the date of the annual general meeting at which he will retire, which will be renewed for a term of three years upon each election or re-election (as the case may be). As stated above, Mr. Tang is a director of JS&SHK. JS&SHK is a wholly owned subsidiary within the Swire Group and is the holding company of Swire Pacific, which holds 44.99% of the ordinary shares in the Company. Except as so indicated and for the fact that he is an employee of the Swire Group, Mr. Tang does not have any relationship with any Director or senior management of the Company or with any substantial or controlling shareholder of the Company. Mr. Tang is not entitled to receive any emolument or director's fee from the Company. Upcoming Dividend • Aug 28
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 04 September 2024. Payment date: 09 October 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Hong Kong dividend payers (8.4%). Higher than average of industry peers (4.5%). Reported Earnings • Aug 26
First half 2024 earnings released: EPS: HK$0.52 (vs HK$0.61 in 1H 2023) First half 2024 results: EPS: HK$0.52 (down from HK$0.61 in 1H 2023). Revenue: HK$49.6b (up 14% from 1H 2023). Net income: HK$3.37b (down 15% from 1H 2023). Profit margin: 6.8% (down from 9.1% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
First half 2024 earnings released: EPS: HK$0.52 (vs HK$0.61 in 1H 2023) First half 2024 results: EPS: HK$0.52 (down from HK$0.61 in 1H 2023). Revenue: HK$49.6b (up 14% from 1H 2023). Net income: HK$3.37b (down 15% from 1H 2023). Profit margin: 6.8% (down from 9.1% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Aug 07
Cathay Pacific Airways Limited Declares Interim Dividend for the Year Ended December 31, 2024, Payable on 9 October 2024 The Directors of Cathay Pacific Airways Limited have declared an interim dividend of HKD 0.20 per ordinary share for the year ending 31 December 2024. The interim dividend which totals HKD 1,288 million will be paid on 9 October 2024 to ordinary shareholders registered at the close of business on the record date, being 6 September 2024. Ordinary shares of the Company will be traded ex-dividend as from 4 September 2024. Announcement • Apr 17
Cathay Pacific Airways Limited to Report First Half, 2024 Results on Aug 07, 2024 Cathay Pacific Airways Limited announced that they will report first half, 2024 results on Aug 07, 2024 Upcoming Dividend • Mar 26
Upcoming dividend of HK$0.43 per share Eligible shareholders must have bought the stock before 02 April 2024. Payment date: 02 May 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (4.0%). Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: HK$1.41 (vs HK$1.11 loss in FY 2022) Full year 2023 results: EPS: HK$1.41 (up from HK$1.11 loss in FY 2022). Revenue: HK$94.5b (up 85% from FY 2022). Net income: HK$9.07b (up HK$16.2b from FY 2022). Profit margin: 9.6% (up from net loss in FY 2022). Available seat kilometres (ASK): 85.61b (up 327% from FY 2022). Passenger load factor: 85.7% (up from 73.6% in FY 2022). Total aircraft: 230 (up by 25 from FY 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Dec 06
Neo Financial, Cathay, and Mastercard Launch the New Cathay World Elite Mastercard Neo Financial (Neo), Cathay, and Mastercard have launched the new Cathay World Elite Mastercard — powered by Neo. The only Canadian card that directly earns Asia Miles, the Cathay World Elite Mastercard will offer customers premium rewards on their everyday spending, exceptional travel benefits and insurance coverage, and the digital features of the Neo app. In addition, the card is the first World Elite Mastercard issued in Canada with a secured credit option. This secured option will benefit newcomers to Canada with guaranteed approval2 and no credit history required. Benefits enjoyed by cardholders include: Welcome offer: Receive up to 30,000 Asia Miles5 — enough to cover a one-way, Economy class flight from Vancouver to Hong Kong; 10% booking discount: For a limited time, cardholders can get up to 10% off Canada-origin Cathay Pacific flight bookings; Premium rewards: Earn one mile per dollar on every purchase in Canada7 and double the miles on purchases outside of Canada8 and on Cathay Pacific flights9. Plus, receive an average of 5x the miles10 at 12,000+ Neo merchant partners (including restaurants, cafes, apparel, and more), and up to 15x the miles10 on first-time purchases; Travel benefits: Get priority online check-in, access to 1,300+ DragonPass airport lounges in more than 140 countries, and Wi-Fi in-flight and at 1M+ Boingo hotspots around the world; Significant insurance coverage1: Enjoy peace of mind with protection against flight cancellation, baggage loss, flight delay, car rental theft and damage, and more. Helpful digital features: Access Neo’s intuitive digital tools, including 24/7 chat support, in-app card management, and real-time notifications; Access to Priceless Experiences: From culinary lessons to museum visits, cardholders will be able to create memories through Priceless Experiences available exclusively on Priceless.com - available in 15 countries in Asia-Pacific as well as Canada. Announcement • Sep 29
Cathay Pacific Airways Limited to Report Fiscal Year 2023 Results on Mar 13, 2024 Cathay Pacific Airways Limited announced that they will report fiscal year 2023 results on Mar 13, 2024 Announcement • Sep 08
Cathay Pacific Names Shanna Docherty as Regional Head of Trade Sales for MEA Cathay Pacific has appointed Shanna Docherty as Regional Head of Trade Sales for the Middle East and Africa (MEA). In her new role, Docherty is responsible for identifying new business opportunities and strategically optimising revenue across the airline's channel partners. Docherty has been an ardent advocate for the empowerment of women in the aviation sector since joining Cathay Pacific in 2019 as Cargo Manager. Previously having worked for Virgin Atlantic in the United Kingdom and South Africa, as well as Air France and KLM, she has 14 years of comprehensive aviation experience and brings a deep understanding of commercial acumen, effective people management, and a genuine respect for cultural diversity. Under her guidance, the airline aims to enhance its offerings and elevate the customer travel experience, while also reinforcing the importance of the Middle East and Africa to Cathay Pacific, which operates scheduled passenger flights to Dubai and Johannesburg. Announcement • Sep 02
Cathay Pacific Airways Limited Announces Management Changes in Cathay Pacific Southeast Asia Cathay Pacific Airways Limited announce changes to key management roles across the region. Cathay Pacific's regional office in Singapore will see the following appointments: Jonathan Ng, Regional Head of Customer Travel and Lifestyle, Southeast Asia. He replaces Ray Fung, who is now Head of Lifestyle Strategy and Partnerships in Hong Kong. Jonathan joined Cathay Pacific in 2011 and has worked in several key positions across various markets, including Hong Kong, the Chinese Mainland, Bahrain, Saudi Arabia and the United Arab Emirates. Prior to his current role, Jonathan was seconded to HK Express as General Manager, Corporate Planning, he was part of the transition team following the acquisition of the low-cost carrier by the Cathay Group. Ashish Kapur, Regional Head of Cargo, Southeast Asia, effective 1 September 2023. He replaces Siddhant Iyer, who will take on the role of Head of Cargo Markets and Customer Solutions in Hong Kong. Ashish's career with Cathay Pacific spans more than 22 years. During this time, he has held several managerial positions across various markets, including India, Africa, the Middle East and Northern Europe. Prior to his current role, he was Area Manager for Northern Europe, where he oversaw the entire Northern European operations and managed the teams based in the Netherlands, Belgium, Germany, Switzerland and Scandinavia. Reported Earnings • Aug 11
First half 2023 earnings released: EPS: HK$0.61 (vs HK$0.82 loss in 1H 2022) First half 2023 results: EPS: HK$0.61 (up from HK$0.82 loss in 1H 2022). Revenue: HK$43.6b (up 135% from 1H 2022). Net income: HK$3.96b (up HK$9.26b from 1H 2022). Profit margin: 9.1% (up from net loss in 1H 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. New Risk • Aug 10
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 95% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (95% net debt to equity). Large one-off items impacting financial results. Announcement • Jul 23
Cathay Pacific Airways Limited Appoints Mr. Wang Mingyuan as Non-Executive Director with Effect from 24 July 2023 The Board of Directors (the "Board") of Cathay Pacific Airways Limited (the "Company") announces that Mr. WANG Mingyuan ("Mr. Wang") has been appointed as a Non-Executive Director of the Company with effect from 24th July 2023. Mr. WANG Mingyuan, aged 57, graduated from Xiamen University majoring in planning and statistics. Mr. Wang started his career in the civil aviation industry in July 1988. Mr. Wang was appointed as a member of the Standing Committee of the Communist Party Committee of Air China Limited ("Air China") in February 2011, and served as the vice president of Air China from February 2011 to March 2023. Since April 2011, he has concurrently served as chairman of Air China Development Corporation (Hong Kong) Limited. He was appointed as a member of the Communist Party Group of China National Aviation Holding Corporation Limited ("CNAHC") in April 2020, and served as the deputy general manager of CNAHC from April 2020 to January 2023. He has also served as the vice chairman of Tibet Airlines Co. Ltd. since June 2020 and the chairman of Air Macau Company Limited since March 2022. He was appointed as a director, the general manager and deputy secretary of the Communist Party Group of CNAHC in January 2023, and was appointed as the deputy secretary of the Communist Party Committee of Air China in February 2023. He has been serving as the President, Director and Vice Chairman of Air China since March 2023. Announcement • Jul 14
Cathay Pacific Airways Limited Provides Unaudited Consolidated Financial Guidance of the Group for the Six-Month Period Ended 30Th June 2023 Cathay Pacific Airways Limited provided unaudited consolidated financial guidance of the Group for the six-month period ended 30th June 2023. The Group is expected to record a consolidated profit attributable to shareholders of approximately HKD 4.0 to HKD 4.5 billion. This compares to the attributable loss to shareholders of HKD 4,999 million for the six-month period ended 30th June 2022. Announcement • May 19
Cathay Pacific Airways Limited to Report Q2, 2023 Results on Aug 09, 2023 Cathay Pacific Airways Limited announced that they will report Q2, 2023 results on Aug 09, 2023 Reported Earnings • Mar 09
Full year 2022 earnings released: HK$1.11 loss per share (vs HK$0.95 loss in FY 2021) Full year 2022 results: HK$1.11 loss per share (further deteriorated from HK$0.95 loss in FY 2021). Revenue: HK$51.0b (up 12% from FY 2021). Net loss: HK$7.16b (loss widened 17% from FY 2021). Available seat kilometres (ASK): 20.06b (up 52% from FY 2021). Passenger load factor: 73.6% (up from 31.1% in FY 2021). Operating revenue per available seat kilometre (Oper. RASK): HK$2.55 (down from HK$3.45 in FY 2021). Total aircraft: 222 (up by 62 from FY 2021). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jan 21
Cathay Pacific Airways Limited Provides Group Earnings Guidance for the Year 2022 and Operating Guidance for the Year 2023 Cathay Pacific Airways Limited provided group earnings guidance for the year 2022 and operating guidance for the year 2023. Based on a preliminary review of the unaudited consolidated management accounts of the Cathay Pacific Group for the year ended 31 December 2022 and the information currently available to the Board of Directors of Cathay Pacific, the Group is expected to record a consolidated loss attributable to shareholders of approximately HKD 6.4 billion - HKD 7.0 billion. This compares to the attributable loss to shareholders of HKD 5.5 billion for the year ended 31 December 2021. The second-half 2022 results for the Group's airlines and subsidiaries were a marked improvement over the first-half 2022 results, although still a small loss overall for the full year of 2022.For the year 2023, the company anticipates it will be operating about 70% of pre-pandemic passenger flight capacity by the end of 2023 with the aim of returning to pre-pandemic levels by the end of 2024. The company's aim to operate more than 100 return flights per week to and from 14 cities in the Chinese Mainland by the end of February 2023. Announcement • Jan 12
Cathay Pacific Airways Limited Announces Board Changes The Board of Directors of Cathay Pacific Airways Limited announced that: Mr. Samuel Compton SWIRE (‘Mr. Swire’) has resigned as a Non-Executive Director of the Company; and Mr. Gordon Douglas MCCALLUM (‘Mr. McCallum’) has been appointed as a Non-Executive Director of the Company, such resignation and appointment to take effect on January 12, 2023. Mr. Swire has confirmed that he is not aware of any matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. He has also confirmed that he has resigned to devote more time to the businesses of John Swire & Sons Limited (‘JS&SL’, the holding company of the wider Swire group) and that he has no disagreement with the Board of the Company. Mr. McCallum, aged 62, is a director of JS&SL and Swire Pacific Limited (‘SPAC’). He is chairman of Argent Energy Holdings Limited, a wholly-owned subsidiary of JS&SL, and of Zopa Group Limited. He is also a director of Zopa Bank Limited, and a senior advisor to Searchlight Capital Partners. He was a non-executive director of Virgin Atlantic Airways Limited and associated companies from 2013 to 2022, also serving as chairman of the audit committee during this period. He was also a director of Global Risk Partners Limited from 2020 to 2022. He holds a Master of Arts degree from the University of Oxford and a Master of Business Administration degree from the Wharton School at the University of Pennsylvania. As at the date of this announcement, the Directors of the Company are: Executive Directors: Patrick Healy (Chair), Gregory Hughes, Ronald Lam, Lavinia Lau, Rebecca Sharpe; Non-Executive Directors: Ma Chongxian (Deputy Chair), Guy Bradley, Sun Yuquan, Merlin Swire, Samuel Swire, Xiao Feng, Zhang Zhuo Ping; Independent Non-Executive Directors: Bernard Chan, John Harrison, Christoph Mueller and Andrew Tung. Announcement • Sep 30
Cathay Pacific Airways Limited to Report Fiscal Year 2022 Final Results on Mar 08, 2023 Cathay Pacific Airways Limited announced that they will report fiscal year 2022 final results on Mar 08, 2023 Reported Earnings • Aug 11
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up HK$7.86b from 1H 2021). Profit margin: (up from net loss in 1H 2021). The move to profitability was driven by lower expenses. Over the next year, revenue is forecast to grow 51%, compared to a 55% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 10
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: HK$0.95 loss per share (up from HK$4.24 loss in FY 2020). Revenue: HK$45.6b (down 2.9% from FY 2020). Net loss: HK$6.12b (loss narrowed 72% from FY 2020). Revenue exceeded analyst estimates by 7.9%. Over the next year, revenue is forecast to grow 29%, compared to a 52% growth forecast for the airlines industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Nov 06
Non-Executive Director recently sold HK$217k worth of stock On the 3rd of November, Merlin Swire sold around 30k shares on-market at roughly HK$7.23 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Executive Departure • Aug 27
Non-Executive Director Martin James Murray has left the company On the 25th of August, Martin James Murray's tenure as Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Martin James' name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.00 years. Reported Earnings • Aug 15
First half 2021 earnings released: HK$1.22 loss per share (vs HK$2.51 loss in 1H 2020) The company reported a soft first half result with weaker revenues and control over costs, although losses reduced. First half 2021 results: Revenue: HK$15.9b (down 43% from 1H 2020). Net loss: HK$7.86b (loss narrowed 20% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Executive Departure • Apr 22
Group General Counsel & Company Secretary has left the company On the 19th of April, Koon Ying Chow's tenure as Group General Counsel & Company Secretary ended after 1.3 years in the role. We don't have any record of a personal shareholding under Koon Ying's name. A total of 4 executives have left over the last 12 months. Reported Earnings • Apr 10
Full year 2020 earnings released: HK$4.24 loss per share (vs HK$0.43 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: HK$46.9b (down 56% from FY 2019). Net loss: HK$21.9b (down HK$23.6b from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Executive Departure • Apr 07
Non-Executive Director has left the company On the 1st of April, Mei Shuen Low's tenure as Non-Executive Director ended after 3.5 years in the role. As of December 2020, Mei Shuen personally held only 1.63k shares (HK$12k worth at the time). A total of 4 executives have left over the last 12 months. Reported Earnings • Mar 12
Full year 2020 earnings released: HK$4.24 loss per share (vs HK$0.43 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: HK$46.9b (down 56% from FY 2019). Net loss: HK$21.9b (down HK$23.6b from profit in FY 2019). Available seat kilometres (ASK): 34.61b (down 79% from FY 2019). Passenger load factor: 58.0% (down from 82.3% in FY 2019). Revenue per available seat kilometre (RASK): 135.6% (up from 65.5% in FY 2019). Total aircraft: 239 (up by 5 from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue beats expectations Revenue exceeded analyst estimates by 5.6%. Over the next year, revenue is forecast to grow 26%, compared to a 26% growth forecast for the Airlines industry in Hong Kong. 
