Unless regulations have changed recently, there is a reason why Air China owns a 29.99% stake in Cathay Pacific instead of 30% - at 30%, Air China will have to make a mandatory takeover offer, as per Hong Kong rules.

https://www.charltonslaw.com/hong-ko...s%20(Rule%2026).

From 2009: "By increasing its holding to 29.99 percent, Air China bolstered its position to just a hair's breadth below the 30 percent threshold that would trigger a mandatory takeover offer, while also doubling its presence on the Cathay board to four members."

Source: https://thehimalayantimes.com/busine...cific-takeover