This is something I have looked into, as I got most confused when I discovered my Baby Cuddles was an entirely different colour to another one. And it's not faded. In this case, they were all Hong Kong.
Mine is a green one. And I still have part of her box. Although her feet say Hong Kong, her box says she is Made in Spain. Whether this is correct or not, I cannot say (some ponies do have the remains of the wrong country on their feet, but the box could also be wrong). She was bought in the UK. Taff has this same version MIB.
There are definite differences in colour. However, I don't expect there to be any difference in price.