I think you should give it a try. The issues are
1. I don't understand this requirement: be physically present in Canada when you apply
2. Can you pass the body check
3. Why did you leave Canada back then? You should be able to get whatever medication/treatment in Canada with your Student health plan.
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/hong-kong-residents-permanent-residence/eligibility.html
Stream A: In-Canada graduates
To be eligible for this stream, you must
hold a valid passport issued by one of the following:
Hong Kong Special Administrative Region of the People’s Republic of China
United Kingdom to a British National (Overseas) as a person born, naturalized or registered in Hong Kong be physically present in Canada when you apply and when you get permanent residence have valid temporary resident status in Canada intend to live in Canada, in any province or territory other than the province of Quebec have graduated from a post-secondary designated learning institution in Canada
in the 3 years before you apply with one of the following:
a diploma (not graduate or post-graduate) for a program of at least 2 years
a degree (associate, bachelor’s, master’s or doctoral)
a graduate or post-graduate diploma or certificate for a program of at least 1 year and
with at least 50% of your program completed in Canada (either in person or online)
If you have a graduate or post-graduate diploma or certificate
You must also have completed a post-secondary diploma or degree (from Canada or from abroad), as a prerequisite to this graduate or post-graduate program.
You must have competed this prerequisite diploma or degree in the 5 years before you started your graduate or post-graduate program.