IF the Beijing bid succeeds, would there be a role for Hongkong in the 2000 Olympic Games? Certainly, Hongkong is not short of facilities suitable for staging an Olympic sport - but the issue is much more complex than that. On a recent speaking engagement in Hongkong, Mr Wei Jizhong, the secretary general of the Chinese Olympic Committee and of the Beijing 2000 Olympic Games Bid Committee, explained the situation. ''First, the International Olympic Committee awards the Games to a city, not a country,'' he said. ''Although the IOC charter is becoming more flexible about this, it would still need special approval to stage even a small part of the Olympics in Hongkong or, for that matter, in Chinese-Taipei. ''Second, Hongkong would have to apply to China through its own National Olympic Committee to be part of the Games. ''If Hongkong expressed its firm interest, China would consider the application.'' No such application has been made yet - and may not be because of the implications of such a move. Under the Basic Law governing the 1997 handover to China, Hongkong will be allowed to retain its National Olympic Committee. This means Hongkong will still be able to enter a team in the Olympic Games and the Asian Games.China has drawn the line as far as the Commonwealth Games are concerned and has stated that Hongkong's participation in the 1994 Commonwealth Games in Victoria, British Columbia, will be the last. Mr A. de O. Sales, the president of the Amateur Sports Federation and Olympic Committee (ASF & OC) of Hongkong, has fought to retain Hongkong's Olympic identity beyond 1997 and fears that this may be under threat if it was to join China in staging the 2000 Olympic Games. ''It all depends on the ASF & OC,'' Mr Sales said. ''We do not cross that bridge until we come to it. We have had one or two sports associations saying they would be interested but I would have to talk to Mr Wei Jizhong. ''We work very closely with him and he would not stage anything here unless we requested it. ''The last thing I would do is put ourselves in jeopardy in any way.'' The most popular spectator sport in Hongkong is football and the new national stadium at So Kon Po would be a marvellous venue for the Olympic tournament. The site is undergoing a Royal Hongkong Jockey Club-funded $850-million facelift, which will transform it from an outdated 28,000-capacity venue to a modern stadium by the spring of 1994 capable of seating 40,000 people. In its Olympic bid, however, Beijing has pencilled in two venues for the football tournament - the 70,000-capacity Beijing Workers' Stadium and the Fengtai Sports Centre, which can accommodate 40,000 spectators. Other sports which could be staged in Hongkong include the equestrian events at the Beas River Country Club, in the New Territories, and the yachting, with plans to build a new aquatic stadium at one of three possible sites.