Zaragoza holds his own for a bit and makes it a bit of a challenge with his looping shots but Donaire’s fast counters and sharp punching will start getting the better of him. Also doesn’t help that he bleeds and I can definitely see Donaire piecing him up until the ref waves it off. A good match up I expect a peak Donaire to win this by stoppage.
He was 129lbs on fight night vs Arce and 132lbs vs Mathebula, both at SBW. Donaire weighed 126lbs vs Montiel at BW and 131lbs at Featherweight for the Vic rematch. https://basementgymboxing.blogspot.com/2014/01/fight-night-boxing-weights-list-of.html?m=1 I wouldn't be surprised if Zaragoza entered the ring close to 129lbs at SBW. I typically put on c.3lbs between morning and evening with no rehydration or weight making attempt. I'd pick Donaire to win, but not because of weight.
I think the truly freaky thing about Donaire's size is that he made Flyweight very comfortably. Imagine a 5'7, huge reach, huge punching, super fast, super agile flyweight who you have a zero percent chance of KOing. Nightmare fuel.
I would expect Donaire to win. Zaragoza is absolutely awesome and when he's being disciplined, he's pretty good at following Nacho's orders. He'd probably work on moving to his right, to try and away Donaire's left hook; but I don't think he's quite good enough at doing stuff like that, and he's too hittable. After getting rocked, I expect him to fight back and I think that'd be a bad idea.