Stolen IPhone won’t erase.

If lost mode was no longer pending it was in lost mode. But, as you aren’t going to get it back, erase it, but keep it in your Apple ID, which keeps Activation Lock enabled, making the phone unusable. If it was in Hong Kong it was on it’s way to Shenzhen across the harbor, where there are factories that process stolen phones.

Beware of a common phishing scam: You may get a text or email from “Apple” or “Apple Security” (or sometimes “Police”) saying your phone has been found and to click on a link to see its location. This is NEVER from Apple or from law enforcement; it is from the thief or fence to steal your Apple ID and identity. Delete any such message without responding to it. Apple never gets involved in lost or stolen devices→Avoid phishing emails, fake ‘virus‘ alerts, phony support calls, and other scams

The phone's location can be seen, even IF the phone is not powered on, if it came close enough to another iOS device as long as there is still charge in the battery. It's kind of like how tracking devices work, by bouncing a signal off another device of the same kind.