Most "overseas" phonics material such as Jolly Phonics and Letterland are actually designed for NATIVE English speaking children. Which means that there's lots of vocab. which might be unfamiliar to HK kids (that, of course, depends on to what degree the parents are "native", e.g. from US/Can/GB, and have a wide palette of vocab which they can use with their children).
There's "Letters & Sounds", designed by a HK team. It can be quite fun with the chants, etc. But will limit your child's vocab to more simple English (compared to the other two mentioned above).
So, it really depends on how familiar your child is with the ORAL language, first of all. If s/he is pretty much English-speaking, I'd say go for the "overseas" material, but often kids really also develop a taste for certain materials, so it's hard to predict what they'd like. Dunno whether you might try out some material borrowing from the library before actually buying them??