Zhi Tong Cai Jing·2025-11-06 05:57Core 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]