You should be fine as visas are no longer required if you have the Dragon/Cathay combination. Note, in order to transit, you do need to have a valid US/Canadian visa, or in some cases, you will not be allowed to board the flight. See comments below:
Important update: Aug 8, 2008.
If you are staying on
an expired visa or don’t have permanent residency, you will not be allowed to
board a flight though Hong Kong.
Note, the transit visa clearly states that Nepalese must be holding a
valid visa or proof of residency. (We have highlighted this
section in green in the official memo for Cathay)
Original posting from Dec, 2007
Hong Kong Transit visas not required for Nepali passport
holders
With the introduction of Dragon Air’s flights to Kathmandu on
December 2, 2007, Nepali passport holders are no longer required to have a
transit visa prior to entry while taking a flight via Cathay or Dragon Air via
Hong Kong.
In the past, all Nepali passengers were required to have a
transit visa to fly through Hong Kong.
--------------------------------------------------------------------------------
Excerpt from Official Cathay
Memo
Dear Sir/Madam: Please be advised that Hong Kong
Immigration Department has announced the extension of the Airside Transit
Without Visa arrangement to Nationals of Nepal provided that they are flying
with CX and KA with connections in HKIA starting from the date Dragonair begins the services between Hong Kong and
Kathmandu on 02 December 2007. The transit requirements for the Nepalese are similar to
that of Bangladeshis, Pakistanis and Sri Lankans. Nepalese must hold valid visa or proof of
residency of USA, the maximum transit time should be within 12 hours and the
arrival passengers will be accompanied by airline staff throughout the transit
period at Hong Kong International Airport. For further details, click
here http://www.cxagentsusa.com/GeneralInformation/subdefault.asp?SectionID=9
On behalf of Cathay Pacific Airways, we would
like to take this opportunity to thank you for your continued support.
Sincerely, Lisa R. Manning
Manager, Revenue Management Unit