Virgin could reduce the transcontinental further (still currently averages 3 a day from syd to Perth on the 330) and still keep all the Hong Kong frequency. However like Cathay, United, BA and most other carriers who are already reducing services to Hong Kong due to the unrest) continuing current frequency to Hong kong if the market and loads continue to decline, would make no sense.
A possible daily HKG from Syd and maybe 3 or 4 a week from Melb, slight reduction as well on daily SYD PER maybe the way they go.
I will bet a hook up with ANA and daily service from one city to start with (which city will be in consultation with ANA).