To bump a seriously old thread, I wouldn't recommend. I just tried to transit EK-CX and it took me north of two hours, with specific questions on why my itinerary looked like this -- I highly suspect a turnaround would invite even more questions.

The EK station manager got personally involved in escorting me through security airside (no passport stamp) to meet a very surly-looking CX station manager. OLCI for CEB-HKG did not produce a boarding pass ("you are successfully checked in but must proceed to landside checkin counter to collect your boarding pass"), and even though EK was able to interline and issue me a CX boarding pass on their card stock, they insisted on issuing me a new boarding pass.

The I-I transit option exists but isn't used (they couldn't even find the keys to unlock the glass doors) but the EK station manager told me that they're not set up for it in the system. If you try to register an eTravel on the website, there are transit options for CRK and MNL but CEB doesn't even exist.

TLDR; I wouldn't try it unless you can get the return boarding pass printed in HKG; CEB immigration is not used to even transit, much less turnaround -- will ask questions.