The need to restructure the CX group is not only as a result of the havoc the china plague has caused, but started a couple of years ago.
Umbrella movement, Trade War, Riots and the latest Security law - broke the camel's back.
The sooner everyone wakes up to the fact that Hong Kong is now just another mainland city, and CX just another mainland airline (competing with big players and LCC alike), the better.
The muppets up north has successfully managed to kill off tourism to HK, expats in the banking and retail sectors are shipping out in droves, the local rich are emigrating.
When the aviation sector recovers, demand will be for direct flights from China to wherever, no need to transit HK, unless airfares are rock bottom, which brings us back to LCCs again.
Therefore the need for "deep cuts" and restructuring.