30N30W
If they call it "Hong Kong Shuttle" instead of Jet* would that make you feel better?
If it doesn’t comply with the Hong Kong Basic Law Chapter V, Section 4 like every other airline that is registered or has been registered in Hong Kong since the handover in 1997, then no it isn’t OK.
By the way Hong Kong Express Airlines which uses the call sign “Hong Kong Shuttle” is majority owned by businesses that have their primary place of business here in Hong Kong and are headquartered here as well.
Hong Kong Basic Law