One of the absolute highlights of our Hong Kong Disneyland visit was the Festival of the Lion King show. We loved this performance! The show goes for around 30 minutes and is an amazing live retelling of the Lion King story, the performers are amazing and the music from the movie will have kids singing along. The singing will astound you and kids will be totally enthralled.
The show runs around 4 times per day (depending on the day) with the first show generally starting at midday. Please do yourself a favor and make sure you include this show in your HK disney visit. My son wants to fly all the way back to Hong Kong just to see this show so it has made a very lasting impression.
We queued around 20 minutes before the theater opened and the theater was very full (first show of the day) so we do recommend arriving early to ensure you get a seat.