That’s only for their “Preferred Banking” account. They have many tiers of accounts. The most basic ones don’t charge ANYTHING if your balance is above 10,000 HKD which is a tiny amount and only 60 HKD a month if your balance is below that.
HSBC has almost an identical portfolio of accounts. The Premier account needs a balance of one million or else you pay around 400 HKD per month, but you can choose one of their other accounts if you want to keep a lower balance. For me it’s fine because I have the majority of my money with HSBC in HK including my stock portfolio which all counts towards the one million balance.