honestly, most of the Asian airlines have political constraints and need to serve their government, regardless of whether they are listed... look at MAS, SIA, Geruda, Thai, to name a few...
In the early 2010s Cathay was dumping converted 747 freighters to Air China and helping Air China with cargo expansion ( CX staff seconded to Air China Cargo with their expertise) so there were both political and commercial considerations
Not accountable at all to the average shareholder? No...not completely unaccountable. They can always raise their voice, even if they don't have actual say, they can always exert some pressure besides the actual shareholding. Not very effective, but that is not the same as saying they are completely unaccountable or indifferent to the average shareholder.