Bought an item from Hong Kong over 3 weeks ago, the seller provided me with a tracking number. I kept a constant check on the item every day and every day it always states the item is in transist. Now the tracking status has expired it can't be trace anymore despite the item never arrived.
You can always report it as a dispute on eBay until it's resolved - don't leave bad feedback if it's not the seller's fault - but I've found that some things from far away can take up to a month to arrive unless sent airmail.
From my experience, not so good. That said in your case the seller has a tracking number and you haven't received goods. In my case I'd received faulty goods, posted them back as requested, then nothing. Since I'd not been informed of a tracking number and so had none, that was the feeble excuse eBay used to fob me off and rule in favour of the Hong Kong crook.
My advice is not to trust eBay nor PayPal to protect you, and definitely not to buy expensive items from Hong Hong.
It's the sellers responsibility to chase up with his postal service if something goes missing, so he can give you a refund if it doesn't arrive. I must admit that on the odd occasion this has happened to me, I don't give the refund until I've received it myself from Royal Mail, so it can take a while to resolve. I hope your item turns up - I've bought from all over the world and I can't say that HK was any more dodgy than anywhere else.