The times I have flown them (2 r/t flights, all A330s, one BKK and one YVR), I've had an Indian captain, American (or Canadian) captain, a Singlish speaking (I confess, could be Malaysian), and what sounded like a Southern European (Spanish, maybe Portuguese?) captain. However, on the Vancouver flights, all of the reserve crew going to and from business class were definitely Chinese, maybe Malaysian Chinese. The flights were fine--actually the cabin crew on the flight to Vancouver were spectacular. I honestly don't care where the pilots are from as long as they don't have a death wish.
In the end, HKA will have to boost its package or be satisfied to be the minor leagues to other airlines around the globe--or, and what I think will happen, hire people for whom Hong Kong is better than where they call home. No one is really trapped in Hong Kong. It's all about what you are willing to tolerate here, versus what you are willing to tolerate at home. Maybe they can offer commuting contracts from BKK since they seem to fly 5-7 times a day, around the clock.
I'm not sure a Singaporean investor would care if it was a Malaysian Chinese running it. And I do think they'll look to try to hurt CX with HX in a way that could benefit SQ, with a wink and a nod--if a Malaysian shares that vision, then so be it. A codeshare with SQ and possibly Star Membership would seem about right. I do wonder, how they'll avoid the Jetstar problem, if they want a controlling stake? Is there a friendly HK firm, or person, willing to be the front man eager to take on the CX/KA behemoth.