I think the photo has to do with the first demonstration flight of the RAF's Vampire jet aircraft over Hong Kong on 15 January 1949. Photo probably taken from the roof top of the South China Morning Post Building on Wyndham Street.
As mentioned here on the trip to Hong Kong on 11 January, the Vampire aircraft had overshot Kai Tak and subsequently made a forced landing on a beach at Bias Bay. It was later transported back to Kai Tak.
Hong Kong Sunday Herald 16 January 1949
The Vampire took off again (from Kai Tak) in the afternoon and flew over the Island, thrilling thousands who had taken up positions along the Connaught Road Praya and those at the Races (Happy Valley). Skimming low over roof tops and weaving through the ships in the harbour, the jet plane gave a unique show.
The power and manoeuvrability of the jet plane were amply demonstrated by Flight Lieutenant Francis in a daring series of aerobatics over the Island and mainland.