Hong Kong based Cathay Pacific was founded by an Australian and a Texas in 1946. In short order, it was purchased by the Swire Group where it remained wholly British owned until prior to the handover of the colony to mainland China. Cathay has always been one of Asia's most progressive carriers, from pioneering L1011 and Convair 880 flights in Asia to being the launch customer for the Boeing 777-300. It has consistently been profitable thwarted only by the SARS epidemic in 2003.