Dragonair Lounge doesn't sound bad in my opinion. Certainly better than many lounges in the oneworld network.

Dragonair Lounge, Hong Kong

Welcome to Dragonair’s flagship lounge at the Hong Kong International Airport. Located at Level 7 of Passenger Terminal Building, Northern Concourse, the Dragonair lounge provides First Class and Business Class passengers, as well as members of The Marco Polo Club travelling on flights operated by Dragonair with an ideal space to relax prior to departure.

The contemporary décor and spacious area creates a calming and serene space, providing a peaceful haven away from the busy airport. You can also enjoy a wide variety of foods, including Hong Kong culinary favourites like wonton noodles and fishball noodles, prepared by our on-site chef from 7am to 6pm. Beverages offered throughout the day include soft drinks, juices, mineral water, beer, spirits, wine, coffee and tea.

Lounge Facilities

Business desks with broadband connectivity
Computers with internet access
Baggage storage area
International and local phones
Fax
Flight information monitors
Self service refreshments
A variety of newspaper and magazines
Wheelchair access
TV
The lounge is open daily from 6am to 11:59pm.

Since the majority of KA flights are to China, maybe the Dragonair lounge can be designated as a "China Lounge" so to speak, similar to how all the other members have Domestic lounges at their airports.

Regarding Dragonair future, will they stop flights to Tokyo and Taipei when officially part of oneworld? And in reverse, will Cathay stop Beijing, Shanghai and Xiamen flights?

Also, OT though, with KA how come one two-class 330 has 30 seats in Business, while the other has 42. Both have similar amounts of seats in Economy (270ish)