You sure it wasn't one of the many Kamen Riders?
http://www.igadevil.com/kamenridersindex.html
I only remembered watching Kamen Rider Black in HK, but that may be a bit late for 1986. It was the first one that actually have cool looking suit.
In general for both TV channels life-action shows like Ultra-man and Kamen Riders were shown in Saturday and Sunday mornings. But it is certainly possible to see them in afternoon slots too. I saw Macross, Orguss and Touch around those years.
You may try look around in other sites to see anything that may match:
http://www.generationkikaida.com/
http://www.supersentai.com/