Cheung gong 7 hou (2008)
Its not a sequel but a remake of the live action movie.
Stephen Chow, who is a big Steven Spielberg fan, named "E.T.: The Extra-Terrestrial" the major inspiration behind the movie.
The characters are on one of the books.
Title is referenced
Poster is shown
Dicky tosses his sunglasses in slow-motion and they blow up in his teacher's face
In a dream sequence, the kid is confronted by his PE teacher and the fighting sequence imitated the first fighting sequence between Michelle Yeoh and Zhang Zi Yi.
Parodies one of the soccer battles.
Parodies the flying scenes.