You don't need the Chinese name until you receive the approval in principle from HK ImmD (after 12-18 months). And you aren't committed to anything (except the initial application fee) until you accept the approval in principle and proceed with renunciation. You need the Chinese name on the day you go to ImmD with your Indian renunciation certificate to accept citizenship and get your new HKID. There's no extra bureaucracy - you just write your chosen Chinese name in the box on the ImmD form in addition to your "English" name. Make sure you know the Chinese Commercial Codes for your chosen name to avoid any errors in transcription.