Seems like SCB has gone down the road of DBS, HSBC, Citi etc and created a new mass market Premium banking service. Seems all of these services are set at AUM of HKD8M.
In SCB's case it seems they have stripped away the "privileges" of the existing SCB Priority (such as unlimited lounge access) and included it in their "new" product.
Seems yesterdays HKD1M is today's HKD8M.
https://www.sc.com/hk/priority-private/