The c.HP resets after close s.HK.
Ibuki’s c.HP is super jump cancelable, so it gets Xiao into the air fast to throw the ES Kunai. The ES Kunai doesn’t combo, but it’s meaty. And since Xiao is super jumping toward the opponent, it’s a good tatic for pressure since it keeps you close to your opponent.
Plus, Ibuki will land on the opposite side of the opponent, effectively crossing them up. And the c.FP does pretty good stun.
Obviously the c.HP isn’t the strongest thing Ibuki can follow up a launch with. However, doing a s.FK -> command dash is risky since Ibuki takes 50% additional damage during the command dash.
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It’s possible and easy to follow up a launch with super jump up, sj.FP, sj.toward+FK (air target combo). However, this knocks your opponent away from you, so it’s not really beneficial for pressure/rushdown, and is really only useful for damage and stun.
It’s also possible to land a superjump toward, sj.FP, sj.toward+FK (air target combo). However, the timing has to be exact, and there is always a risk of you crossing up your opponent with the super jump. I’m also not sure if this works on all characters, I’ve only tested it on Akuma and Alex so far, and it works on both of them.
But, I prefer this method because it sets you close to your opponent, does large damage, does very large stun, and it’s easy to land a meaty attack afterwards.
[Edit] PS. If you try for a jumping toward air target combo after a c.HK, s.HK launch, it seems like you will always cross up. So, I think this also only works from just a close s.HK launch (but I’ll probably be testing this more later tonight).