The idea that Cathay is local is really for the birds. It's 45% owned by London based John Swire and Sons through its Hong Kong holding company, 30% owned by Air China and 10% owned by Qatar Airways which itself is owned by the Qatar government (and 15% others). It's essentially controlled by John Swire and Sons though. Look at their executives.
Chairman - John Slosar - Joined Swire in 1980.
CEO - Rupert Hogg - Joined Swire 1986.
COO - Greg Hughes - Joined Swire 1987.
CFO - Martin Murray - Joined Swire 1995.
There are some executives who have only ever worked for Cathay, but Swire runs through the veins of the operation.
This is also bad news for Hong Kong consumers. Expect fares to monopoly destinations to increase somewhat. This will be bad for travellers heading for Japan and destinations like Da Nang, Siem Reap and Phuket where 'the CX family' will dominate.