Originally Posted by
spin88
My SO was looking at a trip SFO-HKG-SFO and UA is offering $1132 in J on some days.

That is on the brand new 77W (see e.g. August 6). United is also undercutting everyone else by about $300+ RT in Y. They must be having a really hard time filling the planes to chinese speaking markets. Dao anyone?

I think it's more that AC is selling bargain business fares and so they're trying to compete, and they would rather get money for a seat than give it away for "free" such as with a GPU or similar. It's a way to fill the cabin with revenue pax.
Edit: So far the second mentioned strategy has been working for UA, at least in my case. I haven't used a GPU all year, I've been lucky enough to book in such a way I can get what I would consider to be affordable business fares.