The problem with yours is that you are originating in Asia. As a general rule, you can't visit (meaning stopover) your originating continent until you finish your RTW ticket.
The northern / southern language you quoted is generally not intended for originating continent.
As I mentioned earlier, ex-EU/OSL would be better if you wanted to maximize HKG stopovers. Yes, it means positioning once. Not a big ask.
So, originate in EU, fly to Australia, go back home to HKG, then continue the ticket later.