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The problem is (as mentioned upthread), this is a large number of elderly unvaccinated people dying specifically because HK apparently followed a policy of prioritising vaccination of working age people. If you look at the raw numbers of deaths in cumulative form you can see that basically nothing was happening until mid-Feb, but that roughly 7,500 people have died of Covid since then. Given that the population of HK is 7.5 million that means that they've lost 1 in every 1000 of their population to Covid in the last 5 weeks, and that proportion will be much, much higher in the elderly age groups.
Wow yes big scary steep graph- They have gone from zero deaths per 100K to 3.5 deaths per 100K so hardly end of the world stuff. 0.0035%