Others can correct if I'm wrong, but the "no penalty for no show" clause probably only applies if you don't show up. If you check in and get a BP and then don't board, I'd be surprised if you get a refund, as presumably you've already used up the government taxes portion of the ticket.

However, you could potentially buy a one way ticket from HKG-CAN or something cheap like that on KA and then not turn up. The fare is HK$1050 including tax, and maybe lounge access is worth that much to you - I don't know.