Hong Kong coach Rodney McIntosh said: "I watched these teams quite closely at the Wellington series and England have got a new look team, they are classy.
"Argentina are not the team that they were last year because they are re-building.
"I think we can push Argentina, but England are in a different league. We will be looking to get some respect out of those two.
"It will be a great Asian clash against Korea with a lot of local interest."
Fiji, who top the IRB Sevens table alongside New Zealand following their victory in San Diego earlier this month, have been drawn in pool A alongside Scotland, Portugal and Sri Lanka.
The resurgent All Blacks face Kenya, Russia and Italy in pool D.
Third placed South Africa, who kicked off the tournament with victory in Dubai at the start of December, will face Wales, Tonga and Chinese Taipei in pool B and France, Australia, Tunisia and the USA meet in pool F.
Samoa, winners in Wellington in early February, face Canada, Japan and China in pool C of the competition, which begins on 30 March at the 40,000-capacity Hong Kong Stadium.