Cathay, Swire, Air China Suspend Share Trading

Trading in shares of Cathay Pacific and its parent company Swire as well as Air China was suspended on Tuesday.

The mainland airliner is a stakeholder of Cathay.

In separate filings to the Hong Kong stock exchange, the companies said trading will be halted with effect from 9am on Tuesday, pending the release of an announcement in relation to inside information of the companies.

In May, Cathay announced an unaudited loss of HK$4.5 billion at its full-service airlines during January to April and flagged a “very bleak” outlook as the coronavirus crisis grounded planes globally.

The Hong Kong-based airline said passenger numbers in April dropped by 99.6 percent compared with last year, as it flew a skeleton network due to a ban on transit traffic in the Asian financial hub and little outbound demand.

Cathay Pacific shares dropped 1 per cent on Monday to close at HK$8.81.