Any person who has been ordinarily residing in Hong Kong as Permanent Hong Kong Resident and want to change your Nationality as "Chinese", you can apply to become a Chinese National.
Once you have been able to answer the above in positive, you can definitely apply to become Chinese National.
After the approval from the government, you will be granted a certificate of naturalization on payment of the prescribed fees. And you will continue to enjoy the right of abode in Hong Kong as long as you remain as a Chinese National. But you cannot retain your foreign nationality if your application for naturalization as a Chinese National is approved.