Qantas can barely even make money in Jetstar Asia where:
1. SIA deliberately went into retreat from 2003 to 2010 and did not fight
2. The Singapore government was a cornerstone investor
3. The Singapore government overlooked the fact that Jetstar Asia was de facto 100% controlled by a foreign airline, and gave it a Singapore AOC and lobbied for Jetstar Asia to foreign governments as if it was a Singaporean carrier
4. Load factors are well over 80%
Good luck to making Jetstar HK work.