You cannot appeal. When your investment visa application is rejected, there are two things you can do;
- Make an application for review of the decision to deny you the visa
- Make a completely new application after some time (about 6 months).
Before making an application for decision review or reapplying, it is advisable to revisit the eligibility requirements for the investment visa. For example, prepare a better business plan, consolidate more capital, and outline how the business will assist Hong Kong economy.