Agree with the responses.
The HKCAD Policy over many years seems to boil down to:
1 They will normally issue a HK Licence based on another country's equivalent Licence (but this will be subject to a review of the holder's experience and may involve some filler exams).
2 But they will not issue a HK Licence based on a Licence that was based on any exemptions to any subjects (not withstanding Dan Winterland's exception to the rule!).