Oh Yes they can
HX is owned by HNA group. They have significant financial backing, and a very lucrative domestic market in the 2nd largest economy in the world. As the only non-state aligned carrier and constrained by the central planning of the mainland government, expansion internationally is somewhat muted. This explains why HX was purchased in the firstplace; as it provides a relatively limitless expansion plan unfettered by central planning and with the HKG limit on AOCs allowed at any one time and the further limit of only 2 HKG carriers on any one route allows access to any market they choose ex HKG
The political will is on the side of HX and why not, after all they Have "Hong Kong" written on the side of their aircraft and display no hangover of the Colonial era.
CX is In for a battle. But spare a thought for KA because this outfit is now dead in the water and nobody seems to want to acknowledge it. There senior management have admitted to having no idea about the company's future (as CX refuses to make a commitment to them.