Hong Kong Airlines, Asia's fastest growing carrier, looks to become reckoning force in the region

There is no airline like it. Of Asia Pacific's medium or larger full service international carriers, none has grown as quickly as Hong Kong Airlines (HKA), which between 2010 and 2012 nearly quadrupled in size, growing 178% - the fastest in the region. Since 2009 it has grown 233%, eclipsed only by sister HNA carrier Tianjin Airlines.

Hong Kong Airlines' existence was largely quiet until the summer of 2012 when it was thrust into the limelight, a mix of its growth occurring without support, and competitors - seeing their own markets eroded - drawing attention to HKA's faults, some more substantive than others. The fear from competitors is rightfully placed: Hong Kong Airlines is establishing itself as a powerful force for Asia-Pacific travel anchored around China. It is full service but not legacy, delivering an admirable cost base. Its open mind could see it form a large virtual network, having, like Etihad or Virgin Australia, much gain without pain. If the proposition is straight forward, the implementation is challenging. Being a subsidiary of China's expansive HNA Group, it is exposed to strategy that can be fluid. But like at HNA, there is a long-term conviction.