Cathay Pacific Dropped From Hong Kong's Hang Seng After Decades
- Airline has lost almost half its market value since 2010 peak
- Chinese developer, technology company to replace carrier
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Cathay Pacific Airways Ltd. is losing its decades-old membership of Hong Kong’s benchmark equity gauge as the city’s flagship carrier struggles to revive earnings.
The airline, in which Qatar Airways Ltd. just acquired a stake, will be dropped along with Kunlun Energy Co. as part of Hang Seng Indexes Co.’s quarterly review. Country Garden Holdings Co., a Chinese property developer, and Sunny Optical Technology Group Co., an Apple Inc. supplier, will replace them on the 50-strong measure, effective Dec. 4, according to an announcement by the index compiler.