Considering the success of the first film, I'm not surprised the sequel didn't take too long to materialize. Raman Hui returns as director, so does the core of the primary cast. The only big surprise there is that they actually managed to convince Tony Leung Chiu-Wai to take up the lead role, that's quite an upgrade for a film of this stature.
The concept of the film hasn't changed a bit. Monster Hunt 2 is a pleasant mix of comedy, fantasy, action and adventure, blending whatever is popular and draws people to the movie theater. Hui keeps a pretty decent balance though, making sure that no genre drowns out another.
Sadly the biggest problem is still here. The monsters/creatures look like generic, unattractive big blobs of CG. It's definitely a stylistic choice, because technically the CG isn't all that bad, and they blend in with the real world well enough. It's just that design-wise they look like a toddler crafted them. Monster Hunt 2 is more of the same, which makes it a decent blockbuster, but nothing more.