Suspension of the OX AOC was lifted in September. And the HKK authorities would be well aware of suspended and revoked certificates.
The bottom line is that as long as the flights operate as OX under the OX AOC, they're 'approved', know matter what the paint job.
The part that hasn't been explained yet is, that part of the translated announcement lifting the OX AOC suspension included a bit about the MD's being specifically excluded from OX's operating authority...74's only.
Surely if that were true, the HKK CAA could be diligent enough to question the details (and not just the copy of the certificate) of the operating specs of a recently suspended operator. I'm sure there's probably a slight delay in getting the clarifying details from Bangkok, but no problem in the meantime.