Hong Kong airport transfer question

[Targarama]

Hi chaps.

I'm hoping one of you can help answer this (if not, no big deal I'm sure).

Flying LHR to Hong Kong tomorrow, and we have a 2 hour stopover for Cebu Pacific to Manila. We will have 1 hold bag - do we need to go through Hong Kong immigration to collect the bag, check it in with Cebu and then 'leave the country' again? Cebu Pacific made it clear they do not 'do' transfers'.

Thanks.