From left to right we have Sharp Island (at the back) followed by Cham Tau Chau (closest to the water-skier) and to the right of that further back is Pak Sha Chau. The view is looking south. I tried to get a decent comparison using Streetview (from the waterside Tai Mong Tsai Road) but sadly most of the decent views are blocked by trees. This is a shame because I think the camera was most likely positioned on the pier (or its predecessor) in front of San Tin Hang.
The action then moves a little further to the east. It's still Sharp Island at the back but the angle has changed so the ridge line is less humped.
Then we get a switch-around and looking to the north. Just left of the round headland in the middle is the small bay that now hosts the Outward Bound School. The hill behind the guy's head in the second photo is Shek Uk Shan.
Finally, we get a more familiar view (familiar to Sai Kungers anyway) and that is the large ridge line above town that starts on the left with Pyramid Hill. So in these snaps we are looking west. I believe the bit of land sticking out in the second picture is the same headland where the Outward Bound School is on the other side (but I could be wrong). Anyway, it's nice to know yet another film was made here (to go with The Sand Pebbles, Kill a Dragon etc).