Are you just a plane spotter? This has been discussed in depth here and is nothing new.
It is going to be a 737 budget carrier with backing from one of the smaller Airlines in China. The same carrier who has promised wide bodies for years but nothing ever eventuated.
It'll give good jobs to those locals and
PR who are not employed at the moment but unless they truely ramp up it'll get slaughtered by UO's ultra budget operation.