In the world of the aging Virtual On arcade game there were an assortment of very special moves that only a few characters in the game could perform. Most of these were not only limited to certain characters, but near impossible to figure out. They were also very hard to use, especially to any degree of certainty.
The "Hong Kong Sword Rifle" was the name given to VR Temjin's super secret move. To perform said move, you would have to pull both joysticks apart, thus jumping. On reaching the peak of your jump (assuming you are homed on to your opponent) you simply press both triggers and push your joysticks forward.
The arcade will Oooh and Ahh in wonder as you fly through the air sword first, slicing into any enemies foolish enough to be in your way. In my experience, this move was overplayed a bit too much by the newbie players who didn't seem to realize the horrible mistake in doing it: it required foresight and precision timing to correctly slice into an enemy.
If you miss (which is far too easy when your opponent is dashing) then you pause for several crucial seconds, leaving yourself vulnerable to enemy attack. This move was to be used sparingly by only the most experienced players as a final finishing blow, or humiliation move.
Note: It's not too smart to use this against VR Raiden. He simply needs to turn and fire lasers to smash you out of the sky.