This is a story excellently told, through good writing, excellent art and good music.
Art - This is an excellent use of art style that blends in seamlessly with the story. In most other VN's here, the art either calls too much attention to itself, or at the very least just doesn't get in the way of the story. This is art deliberately chosen and used to aid in evoking the feel of a time and a place. This tells me that the devs are thoughtful storytellers willing to use as many of the art elements as possible at their disposal to transport the audience's imaginations into their chosen setting.
Furthermore, the choice of vaporwave instead of an art style that would seem more stereotypically "Hong Kong" shows more careful thought on the storytellers' part. They're not just trying to capture a feel of 80's Hong Kong, but of an undercurrent of burgeoning modernity and rebellious Westernization that flows through the informal places, the pubs, the streets, and subcultures and that existed beneath that veneer of Hong Kong. Again, some excellent forethought in the storytelling.
That the older manga style of character aesthetic blends well and looks cute (for me anyway) juxtaposed to overarching style is just icing on the cake.
Music - Like with the art, the music is also well-used to reinforce the immersion into the setting and the story that begins with the art style. I'm not a fan of the genre of music, but it is properly placed here.
Writing - The devs have accomplished two things that most beginning writers have a hard time doing. First, they've given their characters distinct voices to reinforce their differing personalities. Second, they managed to make their characters feel alive in the setting. Of the two protagonists, one is quiet, hesitant and likes to weigh her words. So her dialogue is shorter, more clipped, and she speaks only when she needs to. The second one is the more adventurous and playful one. So, her dialogue is written longer, and meandering, with a tone of wanting to please. So, when the turn comes, it feels emotionally punchy when the second character becomes more quiet as her growing attraction to the first causes her to want to be more deliberate, and when the first character starts letting go and telling the second character in her newly-scattered way how much she likes her.
Of the second matter, that the characters interact with the setting and comfortably refer to time and culture-specific things that they use and have affection for makes them feel like they truly came out of the story's setting and structure, instead of just two author avatars talking and wafting their way through the author's plot outline. This brings more life to the characters. The only other VN on F95 that I've encountered that has characters that feel this alive is "High Life".
The build up to this coming out romance (something I have some personal affection for) is well-paced, with the only really unnecessary speed bumps being a couple of mystical dream sequences that don't really do much. Thankfully, they're not that long.
The erotic sequences are also well-done. The art, as already mentioned, is excellent, and while there are not that many CG's and none are as porntastically lurid as some would like, they work well with how the sequences are written. This will probably work better with people who like written erotica than with those who prefer more visual adult entertainment.
Overall, this is my favorite VN so far this year.