Hong Kong Express, a budget airline which is now a subsidiary of Cathay Pacific, has a regular-ish promotion named Full Miles, where you can redeem award tickets at a very low cost.

A new iteration just came live:

• Valid between Hong Kong and Beijing / Ningbo (China)
• One-way redemption costs 3,500 miles / 2,000 miles respectively
• Book by February 22
• Travel between March 12 and July 11

You’ll need to pay ~400 HKD in fees per way. Availability is decent:

To book, create a new HK express account by linking your Cathay Pacific account, so that it has access to your Cathay miles.

It is not a continuous promotion, and I’m not sure when the next round will start, but probably in one or two months. If I remember correctly they included some routes to Southeast Asia (Thailand?) last time.

The catch is, as it’s a budget airline no baggage allowance is included. Your Oneworld benefits also won’t apply.