My Hoya Kerii has white discoloration on the stem but the leaves appear to be fine. I’ve had mealy bugs in the past (not this plant) and I’m not noticing the tell tale stickiness or white sticky webbing around the leaf nodes. I also don’t see any bugs. If it was powdery mildew wouldn’t it affect the leaves as well?
It looks like it could be anything from mealybugs to powdery mildew to just your general water mineral buildup. A good thorough cleaning and wiping will take care of any of these issues. Spray the plant with a mixture of 91% alcohol and water with a bit of dish soap then wipe all of it with a soft cloth. Maybe water it with hydrogen peroxide in the water to be safe, that should cure any issues.
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