The problem is that you assume there is a set quota of people that they will take. There isn't. Sure they say they want to recruit 200 or so pilots this year, but that's a big number and certainly not an easy one to reach. Basically, as long as you are good enough, they will take you.
I won't tell you what you should or should not do, I'm just asking that you think it through thoroughly before betting your chances on a programme that seems unlikely to start up again. You could still put an application in regardless as you will be undergoing training in Canada, but I think you would be better off trying out the ab-initio programme again. The Hong Kong ID you have is a HK Permanent ID right?