Boeing (NYSE: BA) and Xiamen Airlines announced the signing of a Memorandum of Understanding (MOU) at the 2017 Paris Air Show today for 10 737 MAX 10 airplanes, valued at $1.2 billion at list prices.

Xiamen Airlines will become one of the launch customers for the 737 MAX 10, the newest member of Boeing's 737 MAX family.

Xiamen Airlines will work closely with Boeing and relevant stakeholders to finalize the agreement for 10 737 MAX 10 Airplanes, which requires the approval of Xiamen Airlines' board of directors, the China Southern Airlines Company Limited's board of directors, as well as the Chinese Government.

Xiamen Airlines is an existing 737 MAX customer and plans to use the new airplanes with their subsidiaries, including Hebei Airlines and Jiangxi Airlines.

"We are honored to have Xiamen Airlines join the new Boeing 737 MAX 10 family and be an important member of the launch customer group," said Ihssane Mounir, senior vice president of Global Sales and Marketing, Boeing Commercial Airplanes. "The market-leading efficiency and reliability of the 737 MAX family will enable Xiamen Airlines and its subsidiaries to continue expanding both its domestic and regional networks. We are confident that the 737 MAX will complement Xiamen Airlines' world-class fleet of all-Boeing airplanes for many years to come."

Xiamen Airlines currently operates an all-Boeing fleet of more than 160 airplanes including nine 787 Dreamliners, 149 Next-Generation 737s and four 757 airplanes. The carrier plans to grow its operational fleet to 280 airplanes by the end of the decade and looks to expand regionally with the new 737 MAX family of airplanes.

Xiamen Airlines is a state-holding subsidiary of China Southern Airlines.

The 737 MAX 10 will be the most profitable single-aisle airplane, offering the lowest seat costs ever. The entire 737 MAX family has been designed to offer customers exceptional performance, flexibility and efficiency, with lower per-seat costs and an extended range that will open up new destinations in the single-aisle market.

Like Boeing's other 737 MAX models, the MAX 10 incorporates the latest technology CFM International LEAP-1B engines, Advanced Technology winglets, Boeing Sky Interior, large flight deck displays, and other improvements to deliver the highest efficiency, reliability and passenger comfort in the single-aisle market.

The 737 MAX is the fastest-selling airplane in Boeing history.