I have seen alot of Hong Kong corporations and they are operating very well without any problems, but you should make sure that you have a really good feeling with the Agent that set it up for you, since if they just register a HK company for you and don't care about the rest you will stuck.
As I read it everywhere than Hong Kong is the no.1 stop of offshore formation, however, if you live in Europe and you are not dealing with illigal stuff like weapons and thousands of million dollars, I believe countries like Cyprus will do it very well.
HK is a great offshore or Tax Haven, however, you will have a hard time find a reliable Agent that is able to help you forming the company, most of the services you find are scams or just that slow that you will be an old man before you get the company registered.
Advice would be to speak with a local lawyer that is able through his International connections to introduce you to a reliable Trust company that will register your hong kong company for you.
HK offers your business a very strategic location for the Asian market. If you want to go about registering your business in HK, I suggest you contact an investment banker to help you with it. Most commercial banks would have a division that handles offshore banking and investment services. If you need help with the registration, feasibility, financial management, etc., hire an accountant. Most accounting firms offer comprehensive investment and management services.