Wow! That looks like fun! Yes it is a most exciting time of the year. The Lion Dance is one of the most important parts of the whole CNY festival. Usually four or five people are inside the costume, and there is a drummer with them. They go around all the shops and businesses to dance for good luck the next year.
(In the race with the original 12 animals, the Lion arrived too late to take part, so the Representative said he could dance at the end to scare the bad spirits away. So he does that after the celebrations are over.) The shopkeepers hide a lucky packet inside a lettuce and hang it up high outside the shop. At the end of the dance, the lion takes the lettuce, throws the leaves around and takes his gift!
It is great fun as you can imagine, very noisy and exciting.
Here's the Lion at Stanley Market. Like you Mother Goose, I had a hard job finding one without faces of people.
What I think your photo is is preparing for a Dragon dance. They only take place in parades and fairs, the opening of new businesses etc, and not always at CNY. The VIP is called on to dot the dragon's eyes with a paintbrush. There were lots of those in 1997. They obviously stretch a long way down a road where the parade takes place.