There has never been a requirement to have
PR to return from a base or be employed with Cathay Pacific in Hong. The requirement is simply that you are legally authorised to perform employment and legally authorised to stay in Hong Kong, something that previously the Company sponsored and took care of. The sponsorship is no longer available, how you go about obtaining the right to live and work in Hong Kong doesn't matter be it right to land, dependents visa or something else.
New employment visas and renewals of employment visas going forward through sponsorship from the company are no longer an option.