The business etiquette of Hong Kong is very influenced by that of the Chinese, although it is slightly more flexible and westernised.
Politeness and honour are important values. Use the full title of your colleagues (i.e. title and surname). Sharing food and drink and gift giving are both important parts of the culture, but be careful as the symbolic meanings of different gifts are significant and it is easy to accidentally cause offence.
Most business associates shake hands on meeting, although a small bow is an additional sign of respect. Meetings must not be rushed as patience and contemplation are valued. Your Hong Kong counterparts will not expect to talk throughout the meeting so allowing a period of silence is normal.