I think the procedures to replicate this error should be:
1. set to Hong Kong timezone (google calendar's general setting)
2. create a calendar in google calendar and add an event to it (mine is a repetitive event)
3. let rainlendar2 to subscribe to that iCalendar (copy and paste the private icalendar XML address in the settings)
4. will find that the event(s) will be shown 12 (or 13?) hours later (e.g. 9am --> 9pm) when I am in the North American Eastern Time
5. go back to google calendar and adjust the timezone of the particular calendar to the correct local timezone
6. you'll see the events shift in position... and you have to edit the event according to the new correct time zone too
7. google calendar is showing the events now correctly, however, rainlendar2 was not able to amend the events accordingly while being refreshed
Thanks! Rainy
