Lol, I actually know some things that might clear some of the mystery surrounding the game.

To put this game in context, Kowloon Kurosawa's focus as a game journalist was the underground pirated game scene in Southeast Asia. His investigation on Hong Kong's pirated game scene was apparently well-received, and for whatever reason he decided that he can make his own homebrew game this is also about Hong Kong. In the 90s, Japan had its share of homebrew games of questionable taste (called 不謹慎ゲーム) that were mostly shitty simple games about tragic incidents like the Tiananmen Massacre or the Tokyo gas attack (Like we have 911 games and Super Columbine High), so HK97 was intended to be in the same vein.

tl;dr: it's basically a joke.