Patrick Frater Asia Bureau ChiefLast month’s Udine festival of all things East Asian was the launch pad for “Making Waves — Navigators of Hong Kong Cinema,” a collection of 13 films that will travel to a dozen cities in Europe and Asia. Billed as an “extravaganza,” mixing old and new talent, the event is pegged to the 25th anniversary celebrations of the return of Hong Kong to China after 150 years of British colonial rule.But it is no longer clear to everyone that Hong Kong cinema has the energy, willpower or finance to face down its larger demons.