I can't say I was too impressed with the night markets in Hong Kong. However, I did enjoy my trip to Stanley Market. Go under your own steam( i can find the bus number if you need it)-the journey there is good. There are loads of bargains in Stanley- clothes, shoes, handbags, silk, teasets, ornaments etc.
When we visited Hong Kong we came back with some beautiful chinese silk brocades - much better quality then the ones we found in the UK. Found that the department stores and chinese emporiums offered the best value and quality. Agree with Fiona with regard to the night markets in HK - nothing special.
I live in HK and it's true alot of things such as clothes and accessories are cheaper. Just note that clothes sizes and shoes are smaller over here, so may be difficult.