HX is pretty good for the price actually. The hard product in business class is below CX, but the ticket is about 30% less. It's an interesting point though, if HNA Group as a holding company blows chunks and fails; what happens to the subsidiaries that may or may not be profitable, like Avolon (Irish ops, HK HQ), Hainan Airlines, Capital Airlines, HX, etc...?
Secondly, to me it seems more like the mainland government wants to takeover CX via Air China, and dissolve the CX brand--probably the most iconic HK symbol in the world.
Good thing HSBC kept it's HQ in London then...