There are two components to stock options that are reported as "Code V" on your W2. One part is compensation - that's the "Code V". The amount listed in Box 12 is also a part of what makes up your Box 1 total wages. That income is excludable as foreign earned income, subject to your meeting all of the terms and conditions to exclude that income on Form 2555.
The exercise of the stock options is ordinary income - and you don't need to do anything extra here other than enter your W-2 as issued, and answer the questions in the Foreign Earned Income and Exclusion section of TurboTax.
The subsequent sale of the underlying stock on the Hong Kong exchange is a capital gain (or loss) that requires a separate entry into TurboTax. You won't have the traditional 1099-B, but you can still enter the data that will allow you to calculate the gain (or loss) in the Investment Income section of the program. In this section you will answer yes to the question "Did you sell any investments in 2021" and then no to the question "Did you get a 1099-B or a brokerage statement for these sales"?
Here you can enter from your own records or your Hong Kong statement the information about the sale of the underlying stock on the exchange for a loss.
Keep in mind that the Box 12, Code V amount is part of your basis in that stock.
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