From fly2nepal.com: http://www.fly2nepal.com/index.php?option=com_content&task=view&id=76
Hong Kong transit visas not required for Nepali passport holders
fly2nepal.com
With the introduction of Dragon Air’s flights to Kathmandu on December 2, 2007, Nepali passport holders are no longer required to have a transit visa prior to entry while taking a flight on Cathay or Dragon Air via Hong Kong.
In the past, all Nepali passengers were required to have a transit visa to fly through Hong Kong.
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Excerpt from Official Cathay Memo
Dear Sir/Madam:
Please be advised that Hong Kong Immigration Department has announced the extension of the Airside Transit Without Visa arrangement to Nationals of Nepal provided that they are flying with CX and KA with connections in HKIA starting from the date Dragonair begins the services between Hong Kong and Kathmandu on 02 December 2007. The transit requirements for the Nepalese are similar to that of Bangladeshis, Pakistanis and Sri Lankans. Nepalese must hold valid visa or proof of residency of USA, the maximum transit time should be within 12 hours and the arrival passengers will be accompanied by airline staff throughout the transit period at Hong Kong International Airport. For further details, click here http://www.cxagentsusa.com/GeneralInformation/subdefault.asp?SectionID=9 On behalf of Cathay Pacific Airways, we would like to take this opportunity to thank you for your continued support. Sincerely, Lisa R. Manning
Manager, Revenue Management Unit