That will be interesting.
LX was the attacker on the ZRH-SIN route (quite comparative to this one) against SQ, where I thought they wouldn't stand a chance, but much better schedules (seriously SQ, why SO late departure from SIN, too late arrival into ZRH in the morning, and then a "day" flight which kills your body click on the return) brought them business - I've been on that route 4 times last year, and it was always full/very close to being full, so LX was really doing well.
Now, we'll have the opposite, the Asian flag carrier of HKG attacking Swiss on a well-established route.
While the flight into ZRH from HKG both seems to target about the same schedule (again slightly better for LX), CX favours a lunch-takeoff just like SQ. Which was proven to be rather unpopular (and thus LX gained a lot of customers over from SQ, despite a product which is less good in any class)
Can't believe CX will repeat this mistake. Or do you think on this flight to HKG, this "day flight" (calling it this way, because your Swiss body clock will arrive in HKG just after midnight) will be popular?
Given that - at least in my book - SQ has the brand as truly better carrier than LX, while CX, certainly not having a shabby image, will be the "new guy" to prove themselves, with a route yet to introduce, I doubt they can be that successful. Or will they offer something that LX can't?
For flights to China, Swiss already offers connections via PEK and PVG on code shares, and HKG will mean a detour to most destinations.
Best thing about is, that prices will probably drop. ^