HK Airlines would be at more at risk than KA. Agree it should be a pretty bad year for the CX, but I don't think they will fold.
They can raise money in the market, and also they have Swire and Air China as their major shareholders, can always try to ask for more funding.
If HKA folds, then CX becomes the only HK based player again (since they own HK Express now) so in the long run it should be fine for CX, but what I'm worried about is with only one player left, prices may rise for us!
So hopefully someone will finally acquire HKA...