Over the years I've been through the "buy something small and cheap" route with machine tools. The only half way decent cheap machine tool I bought was a Chinese mini-lathe, which was OK but fairly limited in what it would do. I suspect that the tiny HK machine will be just that, very tiny, and will really be aimed at those making very small parts for models, out of easily machined materials. I doubt it would be a lot of use for making ebike parts, TBH.
The best small, but not especially cheap, milling machine and lathe I know of is the Taig series, sold here in the UK as the Peatol (see http://www.taigtools.com/ and http://www.peatol.co.uk/). They are compact enough to fit in a small space, light enough to lift on your own if need be, and capable enough to make pretty much anything you might want for a bike. The only downside is that the milling machine lacks rigidity and can only take small cuts in hard materials like steel, meaning it takes a bit longer to make steel parts, but other than that it is a darned good compact machine. I tend to use my Taig milling machine more than the much bigger and heavier Dore Westbury milling machine I also have, just because the little Taig is so nice to use.
There are small Chinese milling machines around, sold under a wide variety of names by various vendors around the world (probably Harbor Freight in the US and Axminster Power Tools in the UK are the best known suppliers). The majority of these tools are assembled by a Chinese company called Seig and they are generally OK if you are prepared to spend some time fettling and adjusting them to get everything to work well. They are a lot heavier than the Taig, but are possible slightly more capable if set up right.
