Which alliance was formed in January 2016 in which the Value Alliance is second to when we talk of  low-cost carriers
U-FLY Alliance
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: 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.
Value Alliance U-FLY Alliance