China National Aviation Corporation
On 28 September 2006, Dragonair became a wholly owned subsidiary of Cathay Pacific after completion of a major shareholding realignment involving Cathay Pacific, Air China, China National Aviation Corporation Group, CITIC Pacific and Swire Pacific. Cathay Pacific claimed that Dragonair would 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 would 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.