Check it again:
- 5 passes in Hong Kong Certificate of Education Examination / GCSE (O Level) including Physics and Mathematics, together with 2 passes in Hong Kong Advanced Level Examination / GCE A Level, Science subjects preferred OR
- Passes in Physics and Mathematics to year 10 and completed high school with the required university entrance qualifications, Science subjects preferred OR
- Hold a degree or diploma in any discipline.
There are two OR's between the bullet points.
You don't need a degree or diploma to apply if you have either one of the other two requirements. =]