In this alternate timeline, the Hong Kong separatists have managed to escape to Equestria and take over its government, overthrowing Celestia. Now with access to spacefaring technology learned from the Autobots, Greater Hong Kong becomes one of the first humans to build an interstellar power and even learn magic, beating the Earthlings and especially their Mainlander counterparts by a hundred lightyears.
The Republic of GHK is ruled by an elected president, whether of human, pony, Autobot, or other creatures. In spite of its massive wealth and expertise in sorcery, the GHK prefers to leave Earth's nations along to avoid provoking China (or the US and Russia, other empires on Earth) into building its own space fleet to annex it.
It might end up pushing all of Equestria's mythical creatures into modernity, minus the high cost of living in Old Hong Kong. Due to being able to meet real ponies, GHK becomes a haven for bronies, furries, and anime fans from all over the richer countries of Earth, but it excludes Nazis and commies for obvious reasons.
Many cities in GHK are cyberpunk, but with high amounts of sorcerers, magicians, and wizards walking alongside mutant ponies and lumbering automatons. Basically, it's a weeaboo's dream come true, and a sci-fi version of Mahoutokoro. Or alternatively, a Chinese Cantonese Prospero filled with psykers and xenos.
The downside of a whole population that has been mutated into sorcerers is that it also attracts great monsters from beyond the Galaxy. Among them include the daemons and the Lord of Change, waiting to turn this psyker state into puppets of Chaos.