CX is essentially 30% owned directly by the mainland government right? Also 49% partner in another joint venture? Those are fairly solid political connections. Some might say at least as solid as those of HKA...
You don't fabricate massive losses in an attempt to sell the airline.That is nonsensical. They are actively suppressing the share price. CX is a cash cleaning machine for Swire. You think all those cans of coke, clean duvets, ground handling services and HAECO engineers come cheap? They don't.
In the end, It really doesn't matter who owns what. CX flights are full generally. HKA's are too presumably. All the aeroplanes being to delivered to Hong Kong and all those people are going to be flown by somebody. Until the importance of HK is as an aviation hub is reduced (a risk) or the robots take over there will be job security.