I don't think you have a leg to stand on right now and, as Globo points out, it won't be any better in the foreseeable future
“The leg to stand on” is that contracts are legally enforceable in Hong Kong. If they want to make people redundant that’s their prerogative. If instead they want to ask for contractual concessions since times are tough, fine, but these should be temporary, lasting no longer than the crisis itself. Seems to me, when times are good we don’t exactly share in the spoils, but when times are bad suddenly we’re all one team.
This is an extremely serious situation, but the bubonic plague this is not. When (not if) people start travelling again, they will need all those shiny airplanes currently parked and the people who fly them.
Pilots have the tendency to try and solve the airline’s problems for them and we often fancy ourselves managers, but that’s not our job. Our job is to be flight deck professionals, and I might add that we also have a responsibility towards our profession, our colleagues and our families to protect our terms and conditions.
Management only ever have an interest in getting us to work harder for less, whether times are good or bad. If they want us to work for less, that may be quite reasonable in a dramatic time like this, but only as long as the crisis lasts, not as a permanent concession.