Well... I personally dont think CR Airways and Hong Kong Express will merger into one... This is mainly because the 2 airlines are not fully owned by Hainan Airways, unlike DragonAir begin fully owned by Cathay Pacific... Both CR Airways and Hong Kong Express are only 45% owned by Hainan Airways...
Because of that, both CR Airways and Hong Kong Express will run as 2 sepirate airlines... Having said that, by using B737 on both carriers, it help to further co-operate between the 2 carriers...
And so far, it seems that CR Airways and Hong Kong Express are targetting on different market... CR Airways concentrate on China leisure routes while Hong Kong Express concentrate on China business routes and also international leisure routes... So it is very possible that the 2 airlines will continue to run as a sepirate brand and operate into a sepirate market...
Having said that, as CR Airways add flights to Korea... The difference in market of CR Airways and Hong Kong Express is becoming very unclear...