Chapter 330: Cathay Pacific
Just do what you say has always been Bao Zixuan's character, and now that he has found a good target. Then it's time for him to do it, and now Bao Zixuan is going to bring what he wants. Even if it costs a little more, you may not be mature enough as a businessman, but as a young person, you can't take care of that much.
Cathay Pacific was born in 1946 when American Roy Farrell and Australian Sydney de Kantzow, two former Air Force pilots known for flying the "Hump" route over the Himalayas, intended to transport much-needed cargo from Australia to post-war China.
In 1948, Butterfield & Swire, Hong Kong's leading British-owned firm, acquired a 40% stake in Cathay Pacific, which was then a joint venture between Australia and the United States. Later, the routes south of Hong Kong were assigned to Cathay Pacific, while those to the north were operated by Cathay Pacific's local rival, Hong Kong Airlines. It was not until 1958 that Cathay Pacific acquired Hong Kong Airlines, officially dominating the local aviation industry and entering the Northeast Asian market.
1960: First international airline to fly to Osaka.
1976: First Asian airline to launch a cargo service brand, Cathay Pacific Cargo.
In the 1980s, Cathay Pacific was 70% owned by Swire & Co. and 30% by HSBC.
1982: The first airline to fly non-stop from Hong Kong to Vancouver sets a new world record.
1983: First airline to fly non-stop from Hong Kong to London.
1983: First Asian airline to offer first-class, business-class and economy-class services on every flight.
In April 1986, Cathay Pacific Airways was listed on the Hong Kong Stock Exchange, and its initial offering was oversubscribed by 56 times, and it was officially listed for trading on May 16.
In February 1987, Swire Group and HSBC sold a 12.5% stake in Cathay Pacific to Hong Kong's CITIC Group for HK$2.3 billion. CITIC became Cathay Pacific's third largest shareholder, and Rong Zhijian and another senior CITIC executive joined the board of Cathay Pacific.
1990: First non-stop service between Hong Kong and Los Angeles.
On January 17, 1990, CITIC Group increased its shareholding to 38.3% and Cathay Pacific took over the management rights.
1991: First to introduce a custom-designed stacked flight simulator.
In March 1994, Cathay Pacific acquired a 75% stake in Hong Kong-based Air for HK$200 million. AHK was previously operated by Shun Tak Group. In the same year, Cathay Pacific completely changed its corporate identity and changed the original green and white strip design of the fuselage to a winged logo. In July 1998, Kai Tak Airport was closed and aviation operations were relocated to the Hong Kong International Airport in Chek Lap Kok, and Cathay Pacific also relocated its headquarters to Cathay Pacific City in Tung Chung, on the side of the new airport, at a planned cost of US$625 million.
1998: The first non-stop flight from Hong Kong to New York, Polar One, celebrates the world's longest flight.
In September 2001, the 911 incident in the United States affected Cathay Pacific. In the same year: First online check-in service is introduced.
In early 2003, Cathay Pacific had to cancel more than half of its flights due to the outbreak of SARS in Hong Kong and neighbouring areas, but fortunately it was able to fully recover soon after the SARS epidemic was brought under control.
In 2003, 2005 and 2009, Cathay Pacific was named the World's Best Airline by Skytrax, with subsidiaries including Dragonair and AHK Airways.
On 9 June 2006, Cathay Pacific issued a statement stating that it had reached agreements with other related companies in relation to the acquisition of Dragonair. Cathay Pacific will fully acquire Dragonair from other shareholders of Dragonair for HK$8.22 billion and issue new shares (90% shares). In addition, it will use 4.07 billion yuan to increase its stake in Air China from 10% to 20%. On the other hand, Air China purchased a 10.16% stake in Cathay Pacific for 5.39 billion yuan, which enables Air China and Cathay Pacific to form a mutual control relationship and is subject to the following four points: 1. Unless Swire has obtained Swire's prior written consent, Chinese shareholders are not allowed to hold 40% of Cathay Pacific's shares or more than Swire Pacific's shareholding. 2. Unless the prior written consent of each shareholder, the equity interest of CITIC Pacific and Air China shall not exceed 29.99%. 3. Cathay Pacific Shareholders agree that if each shareholder holds 15% or more of the shares, the shareholder will not offer to Cathay or be acquired by a third party unless advised by Cathay's Board of Directors. 4. Maintain the nomination of five Managing Directors and increase the number of Non-Executive Directors from three to four. After the completion of the transaction, Swire, CITIC Pacific, Air China and AVIC Industrial will each hold 40%, 17.5%, 10.16% and 7.34% of the shares.
On 31 August 2006, Cathay Pacific took delivery of its 100th aircraft, an Airbus A330-300.
On 28 September 2006, Cathay Pacific completed the acquisition of Dragonair, replacing RB Airlines as the largest airline in Asia. From December 1, 2006, code-sharing with Dragonair to Beijing and Shanghai was implemented.
2007: First to create a carbon offset program.
2014: First airline to win Skytrax's World's Best Airline honour four times.
On March 27, 2019, Cathay Pacific announced that Cathay Pacific spent HK$4.9 billion to acquire 100% of the shares of Hong Kong Express, and Hong Kong Express will become a wholly-owned subsidiary of Cathay Pacific.
On August 12, 2020, Hong Kong's Cathay Pacific Airways released its 2020 interim results report, showing that Cathay Pacific recorded an attributable loss of HK$9.865 billion (HK$) in the first half of the year and a profit of HK$1.347 billion in the same period in 2019.
Bao Zixuan knows the development history of the major airlines in the previous life, and even the plane that Bao Zixuan took for the first time last time was under their banner, but the most troublesome thing now is that Swire has an absolute controlling stake in Cathay Pacific.
But now Cathay Pacific is not a listed company, and if the major shareholders do not buy it, it will be difficult to get the shares. The key now is HSBC, and another point is to start with Swire & Co. and directly become the majority shareholder of Swire & Co. After joining the Swire Pacific Board, he can also increase his investment in Cathay Pacific, which will be in his pocket sooner or later. But what Bao Zixuan didn't know was that what he thought was easy was not very easy to do now.
While arranging for someone to absorb the shares of Swire & Co. in the stock market, Bao Zixuan called Shen Bi. Now if you want to fight against Swire & Co., you must get the shares of Cathay Pacific in the hands of HSBC, otherwise it will be really difficult to do.
Shen Bi, who received a call from Bao Zixuan, was in a meeting, and the main content of the meeting was to focus on the direction in which the capital market of Xiangjiang should go after the rise of Chinese businessmen. HSBC, as a quasi-central bank, is the structure that determines the lifeblood of Hong Kong's economy, and it is unusual for Bao Zixuan to be able to call him during this period.
Shen Bi had to end the meeting at this time to think about Bao Zixuan's purpose, and now many things can't be seen in friendship. And he and Bao Zixuan don't have a deep friendship yet, so they can only see how the other party's purpose is decided.
As the future senior of HSBC, Pu Weishi has access to confidential information, and his face was a little solemn when he saw Shen Bi receiving the call. knew that the purpose of Bao Zixuan's appointment was by no means simple, but now he couldn't guess what the other party thought.
Pu Weishi said: "Since Bao Zixuan clashed with people at the airport, although there have been many reports in the past few days. But Heiyun didn't have any overreaction with him, how could he think of meeting with Taipan now. ”
After Shen Bi heard Pu Weishi's words, he suddenly understood something. After all, not everyone can have his mind to become the best Taipan at HSBC.
Shen Bi: "In the conflict at the airport, I think I should know what Bao Zixuan wants." He is a young man, and sometimes he does things completely on his own will and ideas, and does not take so much into account. It seems that tonight's dinner is not so simple, and it is estimated that it will not be delicious. ”
Pu Weishi is also a smart person, and now Bao Zixuan is not short of money. Then it must be for HSBC to hand over the shares of China Thai Airways, which is a company controlled by Swire & Co.
Bao Zixuan is now going to move Swire & Co.'s Cathay Pacific, which is the most important asset of the Shi Huaiya family, even HSBC can't get involved, Bao Zixuan made a move, but now he can't tear the hole on HSBC's side, in that case, it's really hard to explain. After all, HSBC is a British bank, so you don't need to look at the faces of the Chinese. But offending the Shi Huaiya family, even Shen Bi would not be able to get out easily.