Personally Emirates for the price you quoted looks like a Deal in itself!!
Plus it has decent Aircrafts ICE, food etc.
I guess you can get a Dubai Stopover if its a family or vacation trip.
Low Cost you can try Air Aisa from Stansted into Kula Lumpur and connect there with other Lowcost airlines for HKG.. But this might save maybe around 50 -60 odd pounds plus the hassles of travelling from Manchester to London Stansted to take the flight etc.
Other Options Check out
Air China via Bejing
Aeroflot via Moscow
Jet Airways / Kingfisher Airlines via Bombay(India)
Enjoy your trip!!