I feel the situation could be exacerbated by HKE. First new A321s to be received in OCT 22 followed by 15 more. I'm not sure if they're fleet replacements or for expansion. CX could always delay the deliveries, or incorporate them into CX fleet. Point being is they're coming. If the talk is real about pilots leaving CX, then the problem should be worse at HKE.
With the demise of Dragon, Cathay inherited an airline without the crew. With the eventual rebound in travel, they will come to realise that (hypothetically) operating 3 airlines whilst being short staffed will significantly halt their recovery/expansion plans. (Same occurred with the US domestic airlines, growth being delayed due to crewing shortage - I know it's a very loose comparison as I'm comparing the US Domestic market to HK International market)
As far as Cathay is concerned, they have achieved all they wanted. They have obtained financial backing from the HK Government, being deemed too big to fail - you could almost argue that the taxpayer has refinanced and effectively paid for HK Express acquisition ($4.93B). All are reduced to COS18. Bases are closed. Dragon assets inherited with consent from the CAAC. Short term, the gamble has paid off. Long term consequences are unknown but that's not really a consideration for management nor has it ever been.