Yes, they most definitely will. I was trying to reschedule a trip to April from the end of March from EWR to MNL via HKG and as of this past Saturday the flight from EWR-HKG and return were available for booking. However, on Tuesday, when I checked availability again prior to calling in all of the flights from EWR-HKG and the return flights were zeroed out through the end of April. So this morning I thought about rebooking to May and checked Expertflyer and now all of the flights through May are zeroed out as well. As such, it seems likely these flights will be cancelled in the next few weeks. Numerous other flights I have looked at on Expertflyer from CX have also been zeroed out for April and May.