Originally Posted by
hkskyline
Mainland carriers are also seeing their yields fall as they add capacity.
https://www.bloomberg.com/gadfly/art...cating-embrace
Fuel hedging adds to the yield issues. But then, mainland carriers don't hedge at all, which dented them a few years back. They're just at a different point in the cycle now.
I think the expansion of mainland carriers cannot explain all. HX relied on Chinese transfer passengers more but HX still expand quickly.