Well before the Fast & Furious films got big, Asia had its own little street race hype. There are no doubt better films in the genre, but since the hype was somewhat short-lived a film like this can probably scratch a certain itch for fans of the genre. Yau doesn't really ace any of the important parts, but it's not a total disaster either.
Chiu is a respected street racer. When he bumps into Lion King things get a little tense. A race between the two will have to decide who is the better man. Also on the line: 10.000 dollars and Carman. She is the real reason Chiu wants to race. He wins the bet, but Lion King isn't going to yield that easily.
Don't worry too much about the fact that this is a sequel. I hadn't seen the first film either, but these films are so generic that it doesn't really matter. The races are decent (though never very realistic), the plot is predictable, the performances not quite there. I had a decent amount of fun with Highway Man, but good cinema it is not.