Every time Hollywood makes a visually stunning movie, the Hongkies will come out with a cheaper imitation a few years later. Or films that feature the same or similar effects.
After The Matrix, I saw one Cheng E-Kin movie with the same bullet-time effects. After Transformers, there was Kung Fu Cyborg. After 300, came Storm Warriors.
I wonder, what kind of Hong Kong movie would come out, as a response to Avatar? Would they even dare?