Swire started in Asia in 1867, so a generation after the shameful start of HK. Hopefully the Chinese have long enough memories and enough understanding of history to realise that...

Interestingly started at about same time as HSBC, with whom PRC seems to have no issue controlling HK banking system, or entering the mainland, despite their gweilo management

Personally, I think it is just commercial protectionism and lobbying by MU/CA/CZ etc, rather than some deep rooted racial revenge. Note that MU have been just as keen to stop Shanghai Airlines flying to HK as stopping CX flying the route, and that is certainly an airline run by Chinese.

And as an aside - you'll also note that MU/CA don't have PRC-Macau rights. No doubt also because of their foreign ownership and the long memories of the Chinese of the evils done to them by other Chinese...