The three-column advertisement by the online travel agency Zuji shows Mandela in jubilant mood, echoing his historic release from 27 years of apartheid jail in 1990, on the front page of the English-language South China Morning Post.
The late Nobel Peace Prize laureate is sandwiched between images of multiple airplanes and hotels with the word "freedom" emblazoned underneath to advertise Zuji's global travel network.
But South African representatives in Hong Kong said the use of the stylised image -- which also echoes the Barack Obama "Hope" poster -- was an infringement of copyright held by the Nelson Mandela Foundation.
"In South Africa, even his own charities are discouraged from ever using his image for commercial use," she said, adding the advertisement was "quite strange".
Also Read
Zuji was not immediately able to comment when contacted by AFP.
Guthrie later added that the company had agreed to pull the ad, and no further action would be taken. But it was unclear whether today's image in the newspaper was a one-off or part of a sustained campaign.
He is revered for overseeing South Africa's path from white minority rule to multi-racial elections without a descent into civil war and seen globally as a peace icon.
While Mandela's name and image can be found on stadiums and streets to T-shirts and caps, his foundation is protective of misuse of its founder's brand.
Oscar-winning actress Charlize Theron's auctioneering of face-time with Mandela, and a book by Congo President Denis Sassou Nguesso which claimed a foreword penned by the hero, both drew rebukes several years ago.