Himalaya Airlines, a new joint-venture company with a registered capital of US$ 25 million in which Tibet Airlines holds 49% shares and Nepal has stocks worth 51% of the company, was established in Kathmandu on August 19, 2014. It will commence operating services on the Kathmandu-Lhasa route from October 2014. Chinese Ambassador to Nepal,Wu Chuntai was present at the signing ceremony together with Cheng Yiru, Chairman of Tibet Airlines.