If you can’t beat ‘em, buy ‘em. Cathay Pacific may purchase a stake in Hong Kong’s only budget airline. That would give it welcome exposure to a burgeoning low-cost market it has struggled to service itself.
如果你竞争不过他们，那就买下他们吧。国泰航空(Cathay Pacific)可能收购香港唯一廉价航空公司的股份。此举是可喜的，它将让国泰涉足方兴未艾的低成本航空市场，而该公司一直难以自行开拓该市场。
To mangle another aphorism: it’s an ill headwind that delays all flights. HNA is considering selling a shareholding in Hong Kong Express that is unlikely to cost more than a few hundred million dollars. HNA needs the cash. The over-leveraged conglomerate is selling assets valued at $50bn following a little gentle arm-twisting by the Chinese government. A bond issue by a subsidiary of HNA flopped last week.
更改一下另一句格言：一股不祥的逆风使所有航班延误。海航(HNA)正在考虑出售香港快运航空(Hong Kong Express)的股权，其价值不太可能超过几亿美元。海航需要现金。这家过度杠杆化的企业集团在中国政府温和施压后，正在出售500亿美元资产。海航一家子公司上周发行债券失败。
Cathay‘s own market failure involved huge losses on fuel hedges. At the same time, an airline once seen as luxurious has drifted into the middle market. Now Cathay is in recovery mode and can contemplate a bet on budget travel. Cathay Dragon, its regional carrier, once looked like the vehicle for this. The parent has shifted some destinations to Dragon and increased its fleet. This has meant cost cuts, an increase in revenue and access to a slightly wider customer base.
国泰自身的市场失败涉及在燃料对冲上的巨额损失。与此同时，曾经被视为高端的这家航空公司已渐渐转向中端市场。如今国泰处于复苏状态，可以考虑对廉价航空旅行市场投下一笔赌注。其区域航空公司国泰港龙航空(Cathay Dragon)一度看起来像是进军廉价市场的载体。母公司已将一些航线移交港龙，并扩充了其机队。这意味着降低成本、增加营收，并且服务于略微更广泛的客户群。
