I did fly with them before the recent "chaos", as well as last week (DPS).

HK might be the world city where rumors are most abundant. In part from its British heritage of tabloids.
WIld assertions about the financial health of UO or HX floated around. Apparently UO was profitable, even if the owner HNA was not. This was the information provided by the airline and the hefty price (HKD2.25 billion) would confirm it. The owner of HX and UO is strangled by its enormous debt level, so it needs to sell profitable assets for cash to service its debt. It does not mean that these assets are worthless.

kaka, I am a bit surprised that you keep characterizing UO, HX and HNA group as a government enterprise. To my knowledge HNA is a private company, possibly with some debt support by the Hainan province. But it is still private not a SOE.
I am no expert of the HNA group, but I would be surprised if HX simply folds without finding buyers. Of course, the bankruptcy option is the preferred solution of CX. And in protectionist, clubby HK, they might push to prevent any takeover by other interests.