Word of AHK managers running around all giddy "Can't tell you what's happening but just you wait! You're in the right place" has been circulating for quite some time. CX Cargo flying being moved to AHK with their lower cost base and lesser contractual protections is damn near inevitable. They're already operating a number of CX flights.
KA managers remain in their usual catatonic state so I doubt any post-May solution involves them. They'd have to start some serious recruitment to be worthy of a raised eyebrow.
Previous comments have suggested traffic rights being a problem - doesn't apply to wet leasing. They do apply to a genuine transfer of flights between group airlines, such as PEN to KA, but that port was an unrestricted transfer due to the open skies agreement. That makes KUL, SIN and other such ports fair game if they chose to go down that path. Also, cargo-only flights are far less restricted as can be seen from many airlines with fifth freedom rights, including our own.
I could see displaced 747 drivers being sent to KA with a few A330's for a three birds, one stone solution. A few more A330's to KA eases manpower constraints, outsources the freighter pilot conversions, reducing training loads and keeps said pilots busy till they can move home to the A50.
Interesting times indeed.