You will need both. You install the HM Chip tool and open the RSQ Update file within it. The HM Chip Tool allows you to change your initial splash screen on the device, the draw cutoff (usually 10 seconds for instance), etc.. It is the tool that I assume they use for all of their boards. The RSQ Update file is the specific script for uploading the RSQ. You will need to point the HM Chip tool to that file so it upgrades appropriately. A forum in South Africa is actually what I used for the instructions. There is also a Youtube video out there, which while not in English, at least provided more clarification to visually see someone update the software.
Forum Instructions -
Hotcig RSQ firmware upgrade - keep LED off.
Video of update process -