The Hong Kong government has agreed to pay $5 billion for a 6.1% stake in Cathay Pacific as the carrier bleeds $38 million a month due to the COVID 19 pandemic grounding its fleet. Even ahead of a government imposed ban on non-residents imposed in March which effectively ended all Cathay’s services the carrier was suffering the impact low demand due to political protests. After the deal is complete the Hong Kong government will hold  6.1% stake in Cathay, with Swire Pacific still the controlling  shareholder (42%), followed by Air China (28%)and  Qatar Airways (9.3%). In a statement announcing the recapitalisation plan Cathay Pacific

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