Jetstar considering Hong Kong subsidiary ?

MarketWatch, via The Apple Daily, reports that Qantas' jetStar is planning a subsidiary in Hong Kong. The article states that the carrier is in discussions with the Hong Kong SAR's government about obtaining an AOC, citing an unnamed source.
While neither Qantas nor jetStar have confirmed this, it appears as an interesting topic with Qantas CEO Alan Joyce's statement to shareholders about Qantas' future due on 24th August. While it is entirely possible that jetStar is simply exploring the options and nothing could come out of this, or if it is simply a rumour, such a move could seriously threaten some of Hong Kong's carriers such as Hong Kong Airlines and Hong Kong Express as well as some of the China based Low Cost Carriers. And it will fit neatly with Mr. Joyce's recently stated idea of focusing on China. It must also be noted that while Hong Kong based Cathay Pacific (and its subsidiary Dragon Air) are part of the oneworld alliance, like Qantas is, jetStar is not.
Nevertheless, it would be an interesting development to watch - and I'm sure that Will Horton will keep you up to date about it at his Wings Down Under!