China Eastern Airlines (CEA) is a state-owned enterprise (SOE) in China's aviation industry. To be internationally competitive, it sought out international investors such as Singapore Airlines in 2007 and Delta Air Lines in 2015. More specifically, what risks do international investors need to consider when investing in a Chinese SOE? Also, how important is the mode of alliances? The case looks into various modes such as equity-based ownership and M&A deal that inadvertently attracts attention from the public as well as the central government. In addition, this case highlights the intricacies of entering the Chinese market in view of its complex political and industry structures.

This case chronicles the formation and growth of Tiger Airways, a low-cost carrier headquartered in Singapore. It describes the business, managerial and operational challenges faced by Tiger Airways, especially as industry overcapacity became an overriding concern.