Clara Chan Ka-chai, known as the “goddess” and “little chilli,” successfully led Cathay Pacific Airways through a HK$39 billion rescue plan during the Covid-19 pandemic, which later secured her position as CEO of the Hong Kong Investment Corporation (HKIC). Her swift negotiations and strategic decision-making impressed many, leading to her promotion within the government-run wealth fund.
Chan’s experience in handling investments at the Hong Kong Monetary Authority played a crucial role in Cathay’s bailout negotiations. She emphasized the importance of balancing funding needs with taxpayer returns to ensure a successful outcome for all stakeholders.
The tough terms of the rescue package earned her the nickname “little chilli,” reflecting the challenging nature of the deal. Despite initial skepticism, the agreed-upon package included a HK$11.7 billion rights issue, bridging loan, preference shares, and warrants to generate returns for the government.
Chan’s commitment to prudent financial management and strategic investments continues in her role at HKIC, where she aims to prioritize financial sustainability and risk management in all ventures, ensuring optimal returns for the government.