Mystery Hong Kong Pennant

I'm trying to identify this interesting naval (?) pennant and would welcome any comments.

It measures approximately 52 cms x 24 cms and I think its use was probably ceremonial rather than functional given the quality of the workmanship.  

It has been suggested it might have some link to the Lady Maurine - the launch used by former Governors of Hong Kong..?

Thank you in advance for any thoughts on this. 

Date picture taken
unknown

Comments

Not sure of its origin. But prior to the handover, there was a lot of colonial merchandise for sale, e.g. flags, pennants, royal insignia and emblems etc. Would this pennant be one of them ?

Thanks for your thoughts on this.

The photo doesn't show it very well, but the quality of materials used and the embroidery of the crest makes me think it's not just a commemorative Handover piece.

I've made enquiries with one individual who has knowledge of such matters, and he is absolutely certain it is not connected with the Marine Region of the RHKP.

For what it's worth, my money is with Moddsey on this one. It would appear likely that this pennant was one of the items of "Colonial merchandise" that appeared for sale at the time of the Handover.