Group 1 - UBS reports that Cathay Pacific (00293) plans to repurchase all shares held by Qatar Airways, pending approval from at least 75% of independent shareholders, the Securities and Futures Commission, and a waiver for mandatory general offer [1] - Qatar Airways currently holds 9.6% of Cathay Pacific's issued shares, with a repurchase price of HKD 10.8 per share, representing a discount of approximately 4% from the closing price on November 5 [1] - Assuming the repurchased shares are canceled, earnings per share, dividends per share, and book value per share are expected to increase by about 11%, effectively enhancing shareholder returns [1] Group 2 - Based on UBS's 2025 net profit forecast and a 50% payout ratio assumption, dividends per share are projected to rise from HKD 0.66 to HKD 0.73, resulting in a dividend yield of 6.5% [1] - The off-market share repurchase will allow Qatar Airways to exit in an orderly manner, mitigating market volatility [1] - UBS anticipates a positive market reaction to the announcement of the off-market share repurchase [1]

Core Viewpoint - UBS reports that Cathay Pacific (00293) plans to repurchase all shares held by Qatar Airways, pending approval from at least 75% of independent shareholders, the Securities and Futures Commission, and a waiver for mandatory general offer [1] Group 1: Share Repurchase Details - Qatar Airways currently holds 9.6% of Cathay Pacific's issued shares, with a repurchase price set at HKD 10.8 per share, representing a discount of approximately 4% compared to the closing price on November 5 [1] - The repurchase is expected to enhance earnings per share, dividends per share, and book value per share by approximately 11% if the repurchased shares are canceled, effectively improving shareholder returns [1] Group 2: Financial Projections - Based on UBS's net profit forecast for 2025 and an assumed 50% payout ratio, the dividend per share is projected to increase from HKD 0.66 to HKD 0.73, resulting in a dividend yield of 6.5% [1] Group 3: Market Reaction - UBS anticipates a positive market reaction to the announcement of the off-market share repurchase, which will also allow Qatar Airways to exit in an orderly manner, mitigating market volatility [1]

Core Viewpoint - Credit Lyonnais has issued a report maintaining a "Hold" rating on Cathay Pacific Airways (00293) following the announcement of a share buyback from Qatar Airways at a price of HKD 10.8374 per share, which represents a 3% discount to the five-day volume-weighted average price, totaling approximately HKD 6.97 billion [1] Group 1 - Cathay Pacific will repurchase its entire 9.57% stake held by Qatar Airways, amounting to 643,076,181 shares [1] - The buyback price is at a 4% discount to the last closing price, but there are no indications that the repurchased shares will be canceled, as they will be held as treasury shares [1] - Following the transaction, the public float of Cathay Pacific will decrease to approximately 20.53%, raising concerns about future equity financing [1] Group 2 - The Hong Kong Stock Exchange's exemption for the minimum public float requirement (25%) is expected to alleviate market concerns regarding potential future equity financing [1]

国泰航空宣布，根据一项承诺契据，将以每股10.8374港元的回购价格，向卡塔尔航空场外购回其全部 9.57%持股(共643,076,181股)，总代价约为69.7亿港元。交易完成后，国泰航空的公众持股量将降至约 20.53%。里昂认为，此公告似乎是净负面的。尽管国泰航空以较最后收盘价有4%折让的价格回购股 份，但目前并无迹象表明回购的股份将会被注销(公告仅提及将作为库存股持有)。然而，港交所对公众 持股量要求(最低25%)的豁免，应能缓解市场对于未来可能进行股权融资的忧虑。该行予国泰"持有"评 级。 ...

中新网香港11月6日电 (记者 韩星童)国泰航空有限公司(简称"国泰")和卡塔尔航空5日宣布，卡塔尔航空 已向国泰承诺，将签署回购协议。根据该协议，国泰将回购卡塔尔航空持有的全部国泰股份。 卡塔尔航空集团行政总裁巴德尔·穆罕默德·阿尔·米尔(Engr. Badr Mohammed Al-Meer)表示，这项决定是 积极优化投资、为集团长期发展奠定基础的策略之一。香港仍然是卡塔尔航空的重要市场，卡塔尔航空 将继续通过航班和代码共享协议竭诚服务香港，为旅客提供无缝衔接及世界级的飞行体验。(完) 卡塔尔航空持有的股份约占国泰已发行股份总数的9.57%。此次回购对价的总金额约69.7亿港元。 国泰集团主席贺以礼表示，此次回购反映了集团对未来发展的坚定信心，也彰显了对香港国际航空枢纽 发展的坚决承诺。国泰集团致力于业务的可持续发展，以巩固香港作为世界级航空枢纽的地位，并为粤 港澳大湾区的繁荣作出贡献。 ...

Group 1 - Cathay Pacific Airways (00293.HK) saw a morning increase of over 4%, with a current rise of 4.17%, trading at HKD 11.75 [1] - The trading volume reached HKD 54.479 million [1]

国泰航空(00293)早盘涨超4%，截至发稿，涨4.17%，报11.75港元，成交额5447.9万港元。 国泰集团（603977）主席贺以礼表示，此次回购反映集团对未来发展的坚定信心，也彰显对香港国际航 空枢纽发展的坚决承诺，连同在机队、客舱和贵宾室产品以及数码领导方面投入远超过1,000亿元的投 资，将致力巩固香港作为世界级航空枢纽的地位，并为大湾区的繁荣作出贡献。 消息面上，国泰航空宣布，将与卡塔尔航空签署回购协议，回购卡塔尔航空持有的全部国泰股份，约占 公司已发行股份总数的9.57%，作价达到69.69亿元。据悉，卡塔尔航空于2017年底入股国泰航空。 ...

智通财经APP获悉，国泰航空(00293)早盘涨超4%，截至发稿，涨4.17%，报11.75港元，成交额5447.9万 港元。 消息面上，国泰航空宣布，将与卡塔尔航空签署回购协议，回购卡塔尔航空持有的全部国泰股份，约占 公司已发行股份总数的9.57%，作价达到69.69亿元。据悉，卡塔尔航空于2017年底入股国泰航空。 国泰集团主席贺以礼表示，此次回购反映集团对未来发展的坚定信心，也彰显对香港国际航空枢纽发展 的坚决承诺，连同在机队、客舱和贵宾室产品以及数码领导方面投入远超过1,000亿元的投资，将致力 巩固香港作为世界级航空枢纽的地位，并为大湾区的繁荣作出贡献。 ...

Core Viewpoint - Cathay Pacific Airways has announced a commitment agreement with Qatar Airways for a share buyback, which is expected to impact the company's public float and stock price [1] Group 1: Share Buyback Details - Qatar Airways has irrevocably committed to a share buyback agreement for 643 million shares, representing approximately 9.57% of the issued shares, at a price of HKD 10.8374 per share, which is about 3.9% lower than the last trading price of HKD 11.28 [1] - The total cost of the share buyback is HKD 6.969 billion [2] Group 2: Public Float and Regulatory Compliance - Following the completion of the share buyback, the company's public float is expected to decrease from approximately 28.14% to about 20.53%, which is below the minimum requirement of 25% as per the Listing Rules [1] - The company has applied for a waiver from the Hong Kong Stock Exchange regarding the public float requirement, which has been granted, subject to the disclosure of details and reasons in an announcement [1] - The public float increased from approximately 25.04% to 28.14% due to the issuance of 278 million shares related to the exercise of bond conversion rights prior to this announcement [1]

智通财经APP获悉，国泰航空(00293)高开逾3%，截至发稿，涨3.01%，报11.62港元，成交额2119.49万 港元。 消息面上，国泰航空发布公告，于2025年11月5日，卡塔尔航空以公司为受益人签订承诺契约。根据及 受限于承诺契约的条件，卡塔尔航空已不可撤回地向公司承诺签订回购契约，内容有关公司于场外回购 卡塔尔航空所拥有的6.43亿股股份，占已发行股份约9.57%，回购价为每股回购股份港币10.8374元，较 股份于最后交易日在联交所所报的收市价每股港币11.28元折让约3.9%。 于本公告日期，公司的公众持股量占已发行股份约28.14%，其中包括回购股份。在股份回购完成后， 并假定公司的股权并无其他变动，公司的公众持股量将降至占已发行股份(不包括库存股份(如有))约 20.53%，低于《上市规则》第8.08条规定的最低百分比25%。 公司已向联交所申请，而联交所亦已授出公众持股量豁免，惟须以公告形式披露公众持股量豁免的细节 和理由。随后直至本公告发布之日，公司因应债券所附转换权的行使发行合共2.78亿股股份，因而公司 的公众持股量由公众持股量豁免日期的约25.04%增加至本公告日期的约28.14 ...