Updated as per @bogi's comments - I think their interpretation helps
The lights as seen are on a large motor vessel - 50m or more
It is heading across the OP's bow from starboard to port - speed not stated in the question
There is no doubt the OP will have to give way
Guidance from Hong Kong regulations is to slow to an appropriate
speed in order to pass ...
The lights indicate that you're seeing the port side of a motor driven vessel in excess of 50m in length. The size is the only thing you haven't mentioned in your question. Otherwise your basic assumptions are correct. You are the give-way vessel and it's stern would be on your starboard side.
COLREGS PDF (gov.uk)
Rule 8 (action to avoid collisions) doesn't ...