When a 3rd or 2nd world country modernizes it doesn't go through the stages that a 1st world country went through.
The technology path goes straight from where they are to a level that is on a level with or ahead of the technology of the 1st world.
China will not go through a period of upgrading Lucky film to the level of Kodak's final technology but will leave film development behind and go straight from Holgas to the 12MPix 24x zoom P&S's that are built into their G4/G5 phones, with a commensurate leap in the professional market.
Shen Hao and Chamonix cameras and TWSBI fountain pens are examples where China & Co. have been willing to but modern technology to use making retro product. It is very possible that Lucky will go the same route - as you say, they don't have all the baggage to weigh them down.
Ilford had to go through bankruptcy, a split and buy-out of the assets [liabilities, more like] of the B&W bit of the business - and they are now introducing new papers and even cameras [well, more a glorified cigar box, but its the thought that counts (Bloody hell it does)]. I think many here are hoping for the same to happen to Kodak now that it is in bankruptcy court.