Cathay Pacific and became a successful businessman. Swire later acquired 52% of Cathay Pacific Airways. , the airline is still 45% owned by Swire Group through its subsidiary Swire Pacific Limited, as the largest shareholder. However, Swire Group also formed a shareholders' agreement with the second largest shareholder Air China (which was controlled by state-owned China National Aviation Holding), which Cathay Pacific and Air China had a cross ownership. In the late 1940s, the Hong Kong government divided the local aviation market between Cathay Pacific and its only local competitor, the Jardine Matheson-owned Hong Kong Airways: Cathay Pacific was allocated routes to
Cathay Dragon National Aviation Corporation Group, CITIC Pacific and Swire Pacific. Cathay Pacific claimed that Dragonair will continue to operate as a separate airline within the Cathay Pacific group, maintaining its own Air Operator's Certificate and with the brand unchanged, with 2,976 employees worldwide. However, the airline will be downsized with five percent of the airline staff retrenched or transferred into Cathay Pacific. No Cathay Pacific staff were to be affected by this announcement. By 2009, services to Bangkok and Tokyo; and the expansion plans to introduce services to Sydney, Seoul and the United States have been cancelled and terminated. In addition,