Probably it was at first, but hasn't been for the last year. Demand simply outweigh supplies. Once you have started using iQOS, and get used to having to preorder heat sticks and maybe have a second iQOS in case the 1st one breaks, then you don't want to go back to normal cigarettes.
HK people being HK people, the imports we get here have different prices. If you get hands on a set of Japanese ones, that'll cost around HK$1000-1200, whilst the German/Italian ones are slightly less, with Russian ones being the cheapest around $800