Cameron Smith will go into the final round of the Hong Kong Open 16-under par and in a share for the lead with Thailand's Phachara Khongwatmai after hitting a five-under 65 at Fanling on Saturday.

The Australian trailed overnight leader Phachara by a shot after Friday's play but hit six birdies around the composite course to pull level with 18 holes remaining.

The pair will be looking to join a winners list that includes former major champions Rory McIlroy, Greg Norman and Justin Rose when the tournament, being played for the first in four years due to the COVID-19 pandemic, concludes on Sunday.

In overcast and breezy conditions, the 2022 British Open winner made a steady start to his day, picking up a single shot in his first seven holes.

But back-to-back birdies at the eighth and ninth ignited his round and he looked set to dominate.

Smith drained a 30-foot putt at the 15th to go into sole possession of the lead but at the next dragged his tee-shot into the trees and, after only just managing to play his second out of the bushes, the Australian escaped with a bogey.

"Hit a really crappy shot off the tee (on 16)," said the 30-year-old Queenslander, playing in the event for only the second time, the first being nine years ago when he tied ninth.

"I didn't hit as many fairways today which led to more missed greens. Didn't feel comfortable with the long stuff all day today. So little bit of work to do overnight I think, and get it back to where it should be, and it will be fine tomorrow.

"Hopefully it can be stress free tomorrow. I found parts of the course I don't want to see ever again."

Phachara's birdie at 16 saw the lead change hands between the playing partners, but Smith responded by rolling in a birdie putt from eight feet at the 17th to quickly make up for his error and pull level with the Thai.

Twelve players lie within five shots of the lead duo, including former US Open winner Graeme McDowell, with the Northern Irishman 12 under, four strokes adrift.

Australian outsider Harrison Crowe was in a tie for ninth, five shots off the pace following his third-round 69.