The longer this drags on with ever more unworkable restrictions on CX, not to mention the current calls from C.Lam to sue CX for actions of air crew on the basis that CX is somehow responsible, whilst at the same time C.Lam denies responsibility for various HKSARG Department Directors and Lawmakers not using LeaveHomeSafe, partying well over capacity of a restaurant, etc the cleared the following becomes:
The gameplan is quite obviously to force Swire into accepting a lowball, derisory "offer they can't refuse" for their CX stake, from zhongnanhai-backed parties
That this would further denigrate HK's international business hub, trading hub, legal hub status is neither here nor there
It's pretty obvious that they are trying to stick it to CX, likely because of their staff's support of the protests in 2019. I hope they manage to survive as an independent airline and not part of the CAAC group as I always felt they were the best airline in Greater China by a fair amount.
I take issue with the last line of your post however, as companies around the world are quite happy to do business all over the mainland. If there is money to be made in HK, the status as an international business hub is secure.