The article is not badly written and, of course, serves to further the HKAOA's cause.
However, it is disingenious to argue about the effects of pay cuts without at the same time pointing out that the cost of living in HK has gone down dramatically since 1997; the cost of accommodation alone has decreased by between 30 and 50%, depending on area.
Above all, the gist of the article (and, it seems, of the HKAOA's campaign) is to bring some sort of "civil service" culture to a listed company, ignoring the factor of "market value" of professions - hardly an undertaking that will garner much support in an entrepreneurial place like HK!