Rurik Jutting, a 29-year-old securities trader who until recently worked at Bank of America Merrill Lynch, had called police to his home in the Wanchai district in the early hours of Saturday.
Investigators found a naked woman with knife wounds to her neck and buttocks in the living room of the flat, on the 31st floor of a plush residential block. The corpse of the other woman was discovered decaying inside a suitcase on the balcony.
Court documents named one of the victims as Sumarti Ningsih, listing the other as an unknown female. At least one of the women was Indonesian, the government in Jakarta said.
Jutting, a Cambridge graduate, showed no emotion as he listened to the charges against him at a magistrate's court in Wanchai. He was taken to jail to await his next hearing on November 10.
Heavily-built and bearded, he wore a black T-shirt and dark-rimmed glasses in court. He spoke only twice to confirm he understood the charges against him before police escorted him from the packed courtroom.