I sometimes buy my Schumacher spares from the UK, if the HK distributor does not have stock, the UK and HK prices are the same when you take off the VAT. So you can be sure that at least one manufacturer is not exaggerating their UK pricing
However, I have to admit that is the exception to the rule in regards pricing.
HK pricing can be quite odd, some products are lots cheaper than the UK, however other products are roughly the same as the UK without VAT. Also HK and quite a lot of asia are mainly focused towards on road racing, so there tends to be less competitive pricing for off road gear.
Paul.