Established in 1985, this airline started their operations using a single B737-200 with Kota Kinabalu in Malaysia as its first destination. In 1990 Cathay Pacific/Swire Group and CITIC purchased 89% of the company, with China National Aviation Corporation (Group) Ltd. joining in later to become the largest shareholder of the company. Despite its relations with Cathay Pacific, the airline remains fiercely independent. It has enjoyed steady growth and now operates a fleet of Airbus A330-300s, A321s, and A320s as well as 3 Boeing 747-300SF for its cargo division. With the opening up of Hong Kong SAR and mainland China air traffic (its bread & butter) Dragonair will face strong competition from Cathay Pacific.
Here's a proposal for Dragonair to revamp their present "milk bottle" scheme. The theme or inspiration is the dragon riding/flying through the air/jetstream. Though still mostly white, a metallic deep red base has also been added. Red is regarded as a symbol of luck and happiness. Gold, a symbol of wealth, has also been adopted. The dragon and fonts have been retained. Their present passenger fleet is depicted below.

A320-200 - B-HSH
A321-200 - B-HTG
A330-300 - B-HYA
Here's the same scheme adapted for their cargo division. Like the present scheme, the positioning of the word 'cargo' is not changed. The it reads a slightly odd "Cargo Dragonair", it does retain the balance of the scheme best. Like the real aircraft, this version also carries the additional "Hong Kong" title. Dragonair is one of the few (2?) airlines that operates the B 747-300SF variant, the other being KLM, though the latter may have retired their aircrafts from service.

B 747-300SF - B-KAA
How about some Brazilian jets for them? Here are some Embraers to help Dragonair serve some of the smaller cities around its region.
EMB 170 - B-HMH
EMB 190 - B-HMM
Some of Dragonair's fleet of widebodies are getting a bit long in the tooth. Perhaps a new order for a new type might freshen it up a bit? Or is that just another airline enthusiast's wet dream? Perhaps Boeing's 787-8 will allow the airline to connect secondary cities in the region with Hong Kong.
Boeing 787-8 - B-HBO
And in celebration of this, the year of the water dragon, here is the Water Dragon version! Just with the -8, this illustration was tweaked to add the Swire logo.
Boeing 787-9 - B-HWD / Water Dragon/水龍
