Qatar Airways has announced an intention to sell its stake in Cathay Pacific Airways for $896 million, ending its eight-year shareholding in Hong Kong’s flagship carrier. The Doha-based airline has been concluding discussions with Cathay about selling its entire 9.6% holding in the carrier, which Cathay will buy back at $1.40 per share, subject to the approval of its independent shareholders.
According to the filing, which was lodged with the Hong Kong Stock Exchange on November 5, 2025 –
“On November 5, 2025, Qatar Airways executed the Deed of Undertaking in favour of the Company (Cathay Pacific Airways). Pursuant to and subject to the conditions of the Deed of Undertaking, Qatar Airways has irrevocably undertaken to the Company to execute the Buy-back Deed in relation to an off-market share buy-back by the Company of the 643,076,181 shares owned by Qatar Airways, representing approximately 9.57% of the issued shares, at the buy-back price of HK$10.8374 ($1.40) for each buy-back share.“
Execution of the buy-back agreement by Cathay is subject to certain conditions, including Cathay obtaining approval from its independent shareholders at an Extraordinary General Meeting (EGM).
History of the shareholding
The state-owned flag carrier of Qatar became Cathay’s third-largest shareholder in 2017 when it acquired its stake in the airline from the Hong Kong-based Kingboard Chemical Holdings and other companies for $662 million. The purchase was the first investment by a Middle Eastern carrier in an East Asian airline.
Cathay Group Chair Patrick Healy said, “The buy-back reflects our strong confidence in the future of the Cathay Group and underscores our commitment to the development of the Hong Kong international aviation hub.
Together with our investment of well over HK$100 billion into our fleet, cabin and lounge products, and digital leadership, we are firmly focused on sustainably growing our business to strengthen Hong Kong’s status as a world-class aviation hub and contribute to the prosperity of the wider Greater Bay Area.”
“I would like to extend my gratitude to Qatar Airways for their unwavering support over the years, and I look forward to continuing our close partnership through the oneworld Alliance relationship. I would also like to thank our shareholders, Swire Pacific and Air China, for their continued trust and support.”
“Following a period of record profitability and strong performance, this decision is part of a proactive strategy to optimise our investments and position the group for long-term growth,” responded the Qatar Airways CEO, Badr Mohammed Al-Meer. This agreement reflects Qatar Airways Group’s disciplined approach to portfolio management and our commitment to delivering sustainable value for our shareholders.”
“While we adjust our shareholding, we look forward to continuing our collaboration with Cathay through the oneworld Alliance to continue delivering benefits that enhance connectivity and choice for our passengers. Hong Kong remains an important market to Qatar Airways, and we remain fully committed to serving it through our flights and codeshare agreements, offering travellers a seamless and world-class experience that reflects the highest standards of quality, service, and innovation.”
Cathay’s pathway going forward
Upon the completion of the buyback, the holdings of Cathay’s two other largest shareholders, Swire Pacific and Air China, will increase to 47.7% and 37.8%, respectively.
Cathay’s chairman, Patrick Healy, said the buyback reflects the company’s “confidence” in its future, stressing its commitment to growth through a $12.9 billion investment in its fleet and lounges over the course of seven years, as announced last year.
The airline currently has 15 Airbus A321neos on order, plus 30 A330neos. Cathay Pacific Cargo has six yet-to-be-certified A350F freighters due for delivery. From Boeing, the carrier has 35 Boeing 777-9s on order.
The airline partners have stated that they will continue to collaborate through their existing codeshare and alliance agreements. Both airlines are members of Oneworld, one of the world’s three major airline alliances, alongside Skyteam and Star Alliance.
In the meantime, Qatar Airways has invested in multiple airlines around the world over the last few years. In 2019, it purchased a 5% stake in China’s largest carrier, China Southern Airlines, a shareholding it continues to retain. The Qatari company also owns a 25% share in International Airlines Group (IAG), the holding company of British Airways, Spain’s Iberia, Ireland’s Aer Lingus, and other affiliated low-cost carriers such as Vueling and LEVEL.
Most recently, earlier in 2025, the company acquired a 25% stake in Virgin Australia and is currently closing in on completing a 49% equity investment into the Rwandan flag carrier, RwandAir.
