It will definitely hit SK - and rightfully so.
HKG is by far the largest unserved destination from CPH -
It is a direct flight - you avoid all the trouble of a connecting flight.
The timing is so much better than SK silly timing.
Very nice connection options to the APAC region
What works in favour of SK is the power of EB, and daily operation vs 3/week - and that for CX CPH is very much a dead-end.
But even as EBD I would favour CX on the HKG route - due to above mentioned elements.
For now it is seasonal - but I would not be surprised to see this going to full year.