There was some discussion of this card in the "Best card for foreign exchange?" thread (around April 20):
http://flyertalk.com/forum/showthread.php?t=401958
Where are you seeing it's HK issued? At the bottom of the page you link, it says, "HSBC Premier World MasterCard® Credit Cards are issued by HSBC Bank Nevada, N.A." That's their standard subprime credit card issuing arm. I hope they're hiring dedicated CSR for their premier customers rather than their usual ones.