Hi Emma,
as far as I know (please someone correct me if I am wrong) the Hong Kong smurfs were mainly for distribution in USA whilst the German smurfs were for Europe.
I personally class them as Variations and collect them all, the Hong Kong smurfs tend to be a slightly darker blue.Some smurfs were only produced in Hong Kong and some only in Germany and many for both, so as far as values go it really does depend on the individual smurf and of course collectors tend to want both variations.
There many countries that smurfs have been made in, off hand I can think of Germany, Hong Kong, Portugal, Sri Lanka, Macau, China and probably more!!
Hope this helps and as I said if I have got anything wrong please someone correct me 
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Smurfy Greetings
Rachel
The Webs
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