question: Which alliance was formed in January 2016 in which the Value Alliance is second to when we talk of  low-cost carriers
answer: U-FLY Alliance
context: Title: European Low Fares Airline Association
  Passage: The European Low Fares Airline Association (ELFAA) was an organization formed in 2004 to represent low-cost carriers and lobby European institutions on their behalf.  It ceases operations and disbanded in 2016, as major members joined the newly formed trade group Airlines for Europe.  ELFAA was based in Brussels, Belgium.
  Title: Major airlines of the United States
  Passage: The United States Department of Transportation defines a major carrier or major airline carrier as a U.S.-based airline that posts more than $1 billion in revenue during a fiscal year.  The term "major carrier" or "major airline" can also refer to traditional legacy carriers, distinguishing them from startup and low-cost carriers.
  Title: Value Alliance
  Passage: Value Alliance is an airline alliance formed in May 2016.  It is the world's second alliance (after the U-FLY Alliance) to consist only of low-cost carriers (LCCs).  However, it is the first pan-regional LCC alliance.  It comprises seven Asia-Pacific airlines: Cebu Pacific, Jeju Air, Nok Air, NokScoot, Scoot, Tigerair Australia and Vanilla Air, along with Tigerair who merged with Scoot under the Scoot brand.
  Title: StarFlyer
  Passage: StarFlyer Inc. (株式会社スターフライヤー , Kabushiki-gaisha Sutāfuraiyā ) is a Japanese airline headquartered on the grounds of Kitakyushu Airport in Kokuraminami-ku, Kitakyūshū, Fukuoka Prefecture.  It describes itself as a "hybrid airline" providing a higher level of service than low-cost carriers while having operating costs lower than full-service legacy carriers.
  Title: U-FLY Alliance
  Passage: U-FLY Alliance () is the world's first alliance of low-cost carriers, formed in January 2016 between founding members HK Express, Lucky Air , Urumqi Air, and West Air.  All four founding airlines are affiliated with the HNA Group, with a focus on Hong Kong, mainland China, and Southeast Asia, but they are currently seeking new members which are not affiliated with HNA Group.  Eastar Jet, a South Korean low-cost carrier, joined the alliance on 27 July 2016.
  Title: Valuair
  Passage: Valuair (Chinese: 惠旅航空) was a Singapore-based low-cost carrier.  It was launched in 2004, offering initial services to Bangkok and Hong Kong.  It differentiates itself from other low-cost carriers in that it offers frills such as a baggage allowance of over 20 kg, in-flight food, allocated seats, and 32 inch seat pitch.  Acquired in 2005 by Jetstar Asia Airways, the Valuair brand was retained for Jetstar Asia's scheduled services to major cities in Indonesia until October 2014.
  Title: Charles de Gaulle Airport
  Passage: Paris Charles de Gaulle Airport (French: "Aéroport de Paris-Charles-de-Gaulle" , IATA: CDG, ICAO: LFPG ), also known as Roissy Airport (name of the local district), is the largest international airport in France.  It is named after Charles de Gaulle (1890–1970), leader of the Free French Forces during the Second World War, founder of the French Fifth Republic and President of France from 1959 to 1969.  Charles de Gaulle Airport is located within portions of several communes 25 km to the northeast of Paris.  Charles de Gaulle Airport serves as the principal hub for Air France as well as a European hub for fellow SkyTeam alliance partner Delta Air Lines.  Additionally, the airport serves as a focus city for low-cost carriers Vueling and Norwegian Air Shuttle.
  Title: List of low-cost airlines
  Passage: The following is a list of low-cost carriers organized by home country.  A low-cost carrier or low-cost airline (also known as a no-frills, discount or budget carrier or airline) is an airline that offers generally low fares in exchange for eliminating many traditional passenger services.  Regional airlines, which may compete with low-cost airlines on some routes, are listed at List of regional airlines.
citations: Value Alliance U-FLY Alliance