There are quite a bit of noise in the society as to whether this gentlemen should be punished. And there is an interesting standpoint that I would like to comment on...
"Freedom of Speech"
It has been said that the best way to test one's support to the freedom of X is when X is used against the person.
When your social group is called "ugly", "with speech bypassing the brain", or perhaps attributed as a species like C. familiaris, by a certain person that your very social group is supporting, it is rather difficult not to be at least angry.
It is true that such hateful speech, no matter how bad it is, is probably not illegal in Hong Kong. And there shouldn't be legal punishment for that.
However, given that he is receiving scholarship from taxpayer's money, a privilege, removing such privilege may not be exactly wrong -- you can't take the money from us and slap us on our face at the same time, right? Remember - we are only suggesting that we take away his privilege that we granted him in the first place for his scholarly results and personality. when we find out that we're wrong, it's time to act!