In July, Cathay Pacific completed the acquisition of Hong Kong Express Airways (“HK Express”). HK Express is now a wholly owned subsidiary of the Cathay Pacific Group and will continue to operate as a stand-alone airline using the low-cost carrier business model. Founded in 2013, HK Express offers convenient and reliable air travel to 26 destinations in Asia, operating a young and modern fleet of 24 narrow-body aircraft, including Airbus A320, A320-neo and A321 aircraft. The acquisition is expected to help the Cathay Pacific Group develop and grow its aviation business over the long-term, while enhancing the competitiveness of its Hong Kong home base as a leading aviation hub.