Right actor, but wrong character. In THE SHELL GAME I, Patrick Tse played Lo 4 Hoi, but that character became blinded and retired at the end of THE SHELL GAME I. In THE SHELL GAME II, Patrick Tse played a different character: Tao 1 Siu, and he was the one who took on (and lost to) Sau Dai Cheen.
In THE SHELL GAME II, Cheuk 1 Fu died shortly before the beginning of the series, but the final fate of Lo 4 Hoi was never addressed. Lo 4 Hoi was mentioned several times in THE SHELL GAME II when the characters discussed the great gambler kings of the past, but the character's current status was never discussed. Presumably, he was still alive and living happily in retirement in Singapore with Tam Siu Tong (Liza Wang's character in THE SHELL GAME I) as he said he planned to do at the end of THE SHELL GAME I.
As a kid, I always wondered why the older Tam Sing in THE SHELL GAME II didn't see Tao 1 Siu and think to himself, "Hmmm...this Tao 1 Siu guy reminds me of first gambling teacher, Lo 4 Hoi. They look exactly alike!"