Does Qantas think Hong Kong is like Singapore? The Singapore government welcomed Jetstar Asia with open arms, telling the world that "If SIA has to be sacrificed for the sake of Singapore's hub status, then so be it".
CAAS lobbies and fights for 3K's rights as if it is a Singaporean carrier, even though the 51% Singaporean "owner" was just given however many million it was by QF, to "purchase" 51% of 3K. Everyone in Singapore knows it is a sham set-up, but tolerates it because of the job creation which 3K supposedly brings to Singapore.
Rights which SIA lobbied for decades are now handed to 3K on a platter. QF through 3K will be able to use unlimited 3rd and 4th freedoms to most countries in Europe (I think only CDG and FRA are rights restricted).
3K can also fly SIN-NZ-USA, because there is unlimited 3rd 4th and 5th freedoms between SIN, NZ and the USA. CAAS will only be too happy to facilitate this for the QF Group.
The previous SIA management just stood by and allowed SIA's market share to fall from 50% to 35% in Changi over a decade. The new SIA management has woken up, and, seeing that QF announced their plans for 3K so far ahead in advance, has started to form their own LCC to take up most of the FCO and ATH rights before 3K applies for them.
Will CX and Hong Kong Airlines just sit by blindly and let 3K do in HKG what they did in Singapore?!