Why did Hong Kong movies decline?

First of all, times have changed. The era of Hong Kong movies is an era in which a hundred flowers blossom, not only funny movies represented by Stephen Chow, action movies represented by Jackie Chan, but also heroic movies represented by Chow Yun Fat. These films make Hong Kong films lead the development of the mainland, and mainland films gradually move closer to Hong Kong films. With the return of Hong Kong and the further development of the mainland's opening up, Hong Kong films began to decline, because people's aesthetic tastes changed and became more diversified.

and the mainland is catching up fast. The mainland's current film or TV production capacity is directly connected with Hollywood, leaving Hong Kong's films behind. Of course, it is not that there are no good works in Hong Kong's films, but that the overall film level of the mainland has caught up with or even surpassed Hong Kong's. The counterattack of Wolf Warriors series is a very clear example.

the third is that the audience is picky about their tastes. In the past, Hong Kong movies went to the mainland, and that was a word, all the rage! Nowadays, the appreciation of mainland audiences is no longer a simple meal, but an exquisite western food. Some TV dramas or movies in Hong Kong still adopt a cost-saving way, which is obviously not in line with the aesthetics of mainland audiences. Some TV dramas in mainland China can already be exported to foreign countries, such as Empresses in the Palace.

This can't be said to be the decline of Hong Kong's films, but a new mode of Hong Kong's films. This mode is different from that of the mainland, and it is more unique to Hong Kong's films. I wonder if mainland directors or producers will learn from this mode of Hong Kong. If so, will the mainland lead the development of Hong Kong?