If the criss-crossing shareholdings between Cathay Pacific, Dragon Airlines and Air China are complicated now, they are set to become more so when the next deal among the group is announced. Should current negotiations come to fruition, questions are sure to arise for regulators - including those in Hong Kong, where moves to raise the level of competition have only begun to have an impact.
And political hurdles cannot be ruled out, including objections on the mainland to substantial holdings in its airline being in the hands of Cathay and firms that trace their beginnings to the era of British control in Hong Kong.
But perhaps some minor hope can be expressed that when the dust finally settles, the result will be better airlines.
The exact arrangement may not yet be clear, but it seems likely that Cathay, Hong Kong's dominant airline, will take control of Dragonair, the city's number two carrier. This would give Cathay and parent company Swire Pacific exposure to the booming mainland market, which they have sought for years, but with only limited progress.
For Air China, a major Dragonair shareholder, compensation for giving up its Dragonair stake could come in the form of shares in Cathay, but more importantly, access to Cathay's management and marketing expertise.
This could be crucial to the airline at a time when regulators at home are moving to open up markets and consumers are demanding higher standards of service. It would also help in the project of bolstering Air China's profile overseas, where all mainland carriers still struggle to use the landing rights they have been granted.
Meanwhile, concerns about reversing recent progress towards more competition in Hong Kong are real and should be taken seriously. A combined entity would control the busiest routes into the mainland as well as a portion of all Hong Kong-mainland rights. As it is, remaining players are minnows by comparison; post-merger, things could look worse for them.