For my uni in HK, we have a more lenient system but it is already the toughest in HK.
If you fail a required module twice, you are at risk of getting kicked out, but if you fail a third time you will certainly get kicked out. At the same time, if your GPA falls to below 1.7 at the end of a term (max is 4.3) you will get a warning letter, and if it is below 1.5 you will be placed on probation, being forced to cut your study load. But if you remain below 1.5 after three straight terms, you will get kicked out.
For quite a lot of modules in my university, the average grade is a 2:2 (2.3-2.7, or C+/B-), and there are some cases that the average is equivalent to a 3rd in the UK (like a first year calculus class I took, someone got a C-, or 1.7, despite being above average), so if you have half of your modules below average and the rest around average, you may still get a warning letter. This is insane. However, a 2:1 at my university is considered an achievement, and a first means you are the top 10% in the cohort, compared to 2:1 is the norm in the UK. Those people with a high 2:1 in my university may be comparable to those who have a first in a typical UK university, while those with a 2:2 would have mostly gotten a 2:1 in the UK. Those with a first would have been in contention for the top rank in the UK.