Cathay Pacifics share price plunged and its market value evaporated. The majority shareholder is an old British consortium.

category:Society
 Cathay Pacifics share price plunged and its market value evaporated. The majority shareholder is an old British consortium.


Photo Source: Visual China

Aircrew is a very special profession. If the crew is politically emotional or even violent, the consequences may be unimaginable.

Recently, Cathay Pacific Airlines in Hong Kong has been exposed that more than 3,000 employees participated in strikes, leaked information about Hong Kong police flights, some employees were radical and extreme, as well as pilots involved in violent shocks charged with riot crimes...

Only after the Civil Aviation Administration issued a major aviation safety risk warning on August 9 did Cathay Pacific take some measures to squeeze toothpaste.

Cathay Pacific shares fell 4.85% on August 12, evaporating a market value of HK$1.967 billion and closing at HK$9.8, the lowest since October 29, 2018. Since late July, Cathay Pacifics share price has continued to decline, with a total market value of HK$9.677 billion evaporated in 18 trading days.

However, in the last two days, some of Cathay Pacifics crew members did not repent and claimed to undermine the tourism industry, even clamored to disobey the orders of the Civil Aviation Administration. They also encouraged other flight attendants to take collective sick leave and strike inland flights.

According to CCTV News this afternoon, on August 12, illegal demonstrators arrived at Hong Kong International Airport to assemble in the lobby. Until 3 p.m., the airport passenger building became very crowded and its normal operation was seriously affected. The Hong Kong Airport Authority was forced to launch the Airport Emergency Response Centre and announced at 4 p.m. that all flights on the 12th day will be cancelled and all boarding services will be suspended immediately, except departure flights that have completed the registration process and arrival flights that are going to Hong Kong. The Hong Kong Airport Authority reminds passengers to keep abreast of the latest flights through the airport home page or other mobile applications before leaving for the airport in order to avoid delays in travel.

Photo Source: CCTV News Client

According to 21st Century Economic Report, Cathay Pacific Airlines CEO He Xiao sent an internal mail to employees on August 12 saying that the group had zero tolerance for illegal activities and would accept disciplinary sanctions if employees supported or participated in illegal demonstrations, which might include termination of employment. He Xiao mentioned in the letter that employeesbehavior and speech outside working hours will have a significant impact on the company. The companys relevant policies show that employees should not make statements that may damage the reputation of the company or infringe on the privacy of colleagues; earlier employees disclosed confidential business information and violated codes of conduct, which is unacceptable. He pointed out that the demonstration held at Hong Kong International Airport on December 12 was not officially approved and was considered illegal. He reiterated that Cathay Pacific employees should not support or participate in the demonstration.

Cathay Pacific: will submit the crew list

The Deputy captain was charged with insurrection and was still flying, company employees leaked flight information of police officers, some employees participated in strikes, grounded...

On August 9, the Civil Aviation Administration issued a major aviation safety risk warning to Cathay Pacific Airlines of Hong Kong in response to the safety risks and hidden dangers exposed in recent incidents. In its security risk warning, the Civil Aviation Administration clearly put forward three requirements for Cathay Pacific Airlines in Hong Kong:

Firstly, from 0:00 on August 10, 2019, all those who participated in and supported illegal demonstrations, violent shocks and acts of excess will immediately stop flying inland flights or performing all official activities related to air transport activities in the mainland.

Secondly, from 10:00 on August 11, 2019, all crew members flying to and over the Mainland airspace will be submitted to the qualified authority for operation in the Mainland, and the flight will not be accepted without examination and approval.

Thirdly, by 0:00 on August 15, 2019, the company will submit to its qualified certification authority for operation in the Mainland measures to strengthen internal control and enhance flight safety and security level.

Yesterday, Xinhua reported that Cathay Pacific Airlines of Hong Kong confirmed on July 10 that two airport employees had been dismissed for improper conduct and that the pilots charged with riot crimes had not carried out any more flights since July 15.

Cathay Pacific said that according to the companys standard procedures for pilotsflying positions, the pilots charged with riot crimes have not been assigned flying positions since July 30, 2019. At the same time, the pilot has not carried out any missions since July 15, 2019. Cathay Pacific said that the company has always considered operational safety and security as its primary consideration.

The Global Times quoted Hong Kongs Sing Tao Daily as saying on August 10 that Cathay Pacifics announcement suggested that crew members should cooperate with local authorities to avoid affecting flights; Cathay Pacific would also submit a list of aircrew members flying to or over the Mainland at the request of the Civil Aviation Administration.

According to Voice of China News and Newspaper Summary on August 12, people from all walks of life in Hong Kong said that Cathay Pacific Airlines had a serious problem involving aviation safety, and strict industry regulations must be enforced.

Sam Chi-wen, director of the Hong Kong Airport Authority, said that whenever a pilot is arrested for violence, he will immediately be suspended from duty by any airline in any country. If he is eventually convicted, he will usually be fired. Safety is an important principle for every airline.

A member of the board of directors of the Hong Kong Aviation Industry Committee of Chinese enterprises told VOA that Cathay Pacific employees were also involved in the successive demonstrations and violent incidents in Hong Kong. They are so crazy on the ground, they have absolute initiative in the sky. If anything should happen, it would be disastrous.

Cathay Pacific shares plunged

Cathay Pacific, founded in 1946, is the first airline in Hong Kong to provide civil aviation services. Cathay Pacific Airways is the English name of Cathay Pacific Airways. The word Cathay is an ancient term used by Europeans in the Middle Ages to refer to China.

Cathay Pacific shares fell 4.85% on August 12, evaporating a market value of HK$1.967 billion and closing at HK$9.8, the lowest since October 29, 2018. Since late July, Cathay Pacifics share price has continued to decline, with a total market value of HK$9.677 billion evaporated in 18 trading days.

Cathay Pacifics major shareholder is the old British consortium Taigu Co., Ltd., which holds 45% of Cathay Pacifics shares. Today, Taigu A shares are down 6.3% and their market capitalization has evaporated by HK$7.5 billion.

In response to Cathay Pacific, Peoples Daily commented that:

Under the supervision of the industry, public condemnation and public criticism, Cathay Pacific Airlines has made some remedial measures that should have been taken earlier, but the crisis it is trying to solve is far from being eliminated.

The toothpaste squeezing style of treatment, not salty and not indifferent attitude, so that people can not help doubting its introspection and the sincerity of rectification. The grounding of the grounding, the punishment of the punishment, and the rectification of the rectification should not be allowed to crack down in front of the warning! __________

Business entities are politically neutral rather than neutral in front of them. Cathay Pacifics bad practice of putting the cart before the horse and being smart instead of being smart has taught itself a lesson. It has also sounded an alarm for other companies that want to work with mud. Aircraft can only fly safely on the airway, and the development of enterprises on the main road can be sustainable.

Incorrigible! Cathay Pacific crew in Hong Kong encouraged a flight ban on inland routes

However, it is not over yet.

Overseas network quoted Ta Kung Pao reporters on the 11th, said that just before Cathay Pacific announced the grounding of the storm, there were still Cathay Pacific flight attendants at the airport to participate in illegal gatherings.

Reported that 10 p.m., a number of stewardesses wearing Cathay Pacific uniforms to the airport lobby area B mixed among radicals. Some of Cathay Pacifics stewardesses seem to be very familiar with the radicals in harbour chaos, talking loudly from time to time, and strongly supporting, Do not paralyze the airport, people are shocked, you have to sit for three days and play as much as you can! We must destroy the tourism industry and wait for the travelers to come back to Hong Kong.

Overseas Network reported on August 12 that Hong Kong media again revealed that a Cathay Pacific crew member openly shouted to disobey the orders of the Civil Aviation Administration. They also encouraged other flight attendants to take sick leave collectively, strike the inland airlines or take a series of non-cooperative operations on flights to the inland.

News anchor Kang Hui said:

Theres a Hong Kong Airlines company named Cathay Pacific. Im really sorry for a series of recent actions. Todays broadcast also reported that Hong Kong supports the Civil Aviation Administration in issuing a major aviation safety risk warning to Cathay Pacific Airlines.

Even so, today (11) there are media reports that Cathay Pacific Airlines still participated in illegal rallies, clamouring to undermine the tourism industry, so that tourists do not dare to come to Hong Kong. Thats a joke. Isnt Cathay Pacific calling itself a Hong Kong service? Who are you serving now? Im afraid its not that tourists dare not come to Hong Kong, but that they dare not take Cathay Pacific flights.

Or a kind reminder: do not die. Oh, I also heard that some Cathay Pacific Airlines personnel pretend to be unable to understand Putonghua when they hear it, so speak English well: Nozuonodie.

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