The extended back story here: Hong Kong also lacks genuine competition in many non-tradable goods sectors. The major real estate development families use their free cash to buy up supermarkets, cellphone companies, construction materials suppliers, and anything else that can be nailed down, and then collude to prevent outsiders from muscling in on their territory (e.g. what happened to Carrefour back in the late 1990s when they tried to set up grocery stores here). HKBN are outsiders trying to improve their position in what is basically an oligopolistic market.
HKBN's major competitors are Cable TV and Netvigator, both closely linked to massive real-estate developers. They offer high prices, crap service, and speeds far below what their advertisements claim, but they survive because their salesmen have free rein to set up sales booths in their parent companies' apartment complexes and stuff fliers in all the mailboxes and harass every person walking out of the building. Netvigator in particular is a subsidiary of PCCW, which is pretty much a synonym for "inherited privilege" --- it's run (incompetently) by Richard Li, the son of Li Ka-shing (the richest man in Asia, and the founder of real estate company Cheung Kong Holdings).
HKBN on the other hand is owned by City Telecom, who have monopoly-smashing in their blood: their founder Ricky Wong came out of nowhere to take on the Hong Kong Telecom long-distance phone service monopoly back in 1992, in an extremely rare example of a successful challenge to the tycoon families. (Hong Kong Telecom was later bought by PCCW. I'm sure their corporate cultures were a good match.)