... Well not quite. AppleInsider reported that:
...China Unicom has tentatively reached an agreement and could start selling iPhones as early as May...
Since China Unicom's 3G network is a WCDMA standard unlike China Mobile's TD-SCDMA standard, the current iPhone 3G sold worldwide will not require modifications to be sold in China.
If this report is true, then I would recommend anyone in Hong Kong considering selling their iPhone (1st generation), to do so as soon as possible. As the used market for iPhone are mainly in China, most if not all iPhone collected in Hong Kong are brought into mainland China and sold at a high margin.