Cathay Pacific Airways shares plummeted yesterday, reaching a price of $6.07 at closing, losing a fifth of its value in six months and posting a decade low.
On Friday, the Civil Aviation Administration of China (CAAC) released several demands to Cathay, Hong Kong’s main airline. China requested that Cathay prevent employees who support or participate in the 10-week-long protests from flying to, from, or over the mainland. The CAAC also requested that Cathay provide information on all crew members flying into China for verification and authorization from the Civil Aviation Administration. Over the weekend, Cathay Pacific’s CEO sent around a memo informing employees that if they participate in protests, they would be terminated.
Protests continued today, with protestors shutting down the city’s international airport and barricading themselves in. Protesters have been ongoing at the airport for five days in a row. The airport canceled 150 flights last week due to demonstrations and strikes.
In 6 Months, Cathay Pacific Lost 20 Percent of Its Value
Cathay Pacific Airways
