David Stanton and I saw this bird on Monday evening, in the same location on Tan Shan River (for those who are not familiar with the site, Tan Shan River is on the southern side of Sha Tau Kok road).
Fortunately the bird was standing out of the water when we managed to find it. We were able to get scope views of both legs, and confirmed that the bird is not ringed.
I have some personal doubts about the record, however. Contrary to Brendan's suggestion that the bird is shy, I was concerned that it was directly across the river from a village house - perhaps only 10-15m from the house. There are a number of other habitat options in the area (including e.g. the reservoirs at Ho Pui/Lau Shui Heung), and I would expect a wild bird to be a bit more shy and avoid a location with such levels of disturbance.
I am also concerned that I know there is (or, at least, used to be) an aviculturalist in this area - I have previously been hiking in the area and heard exotic bird calls coming from the back of one of the houses (including e.g. Grey Peacock-Pheasant).
Mandarin is a tricky species in a Hong Kong context. HK is close to the natural range, and in the past the species has apparently occurred here in a natural state. There is no reason that wild birds should not continue to occur here. However, this is a very frequently traded species and it is very difficult with each individual to be sure of possible provenance.
As an example, the Mandarin pair I found at Kam Tin a few years ago included a male with a plastic ring (cable-tie?) on one leg, suggesting a captive origin - this was not visible when I first found the birds, and only later discovered from photos. The female of that pair had no such evidence of captive origin. These birds apparently disappeared for the entire summer, reappearing the following winter - at one point with an additional female. It is feasible that one or both females were from a wild population but it seems more likely that these were from the same (unknown) origin as the male. Without photos showing the ring on the male, these would perhaps have been considered wild, as has been suggested for the current birds.
Overall, I have now seen 5 free-flying Mandarins in Hong Kong. The species is not currently on my HK list - I was hoping the Tan Shan bird would change this, but somehow it just didn't feel right for a wild bird and I have still not added it to my list.