(Too long for comments...)
time = '#mid(string,9,2)-8#
Don't just subtract 8 from the hour because it'll return an invalid values like "-1" AM or "-8" AM, when the UTC value is between midnight and 7AM.
Also, if you're converting the value to local time, don't forget about daylight savings time changes. An offset of 8 hours may change to 7 hours, depending on the time of year and zone. Instead of using a hard coded number, take a look at the DateConvert function to convert UTC to local time and using ParseDateTime with a mask, instead of multiple string functions.
Keep in mind there are pros, cons .. and sadly potential bugs/gotchas .. with all of the suggested approaches, depending on your version of CF. So be sure to test with variety of date values and time zones.
ColdFusion 2016+ syntax (Note, uses "nn" for minutes. Runnable Example)
str = "20190126175631";
utcDate = parseDateTime(str, "yyyyMMddHHnnss");
localDate = DateConvert("utc2Local", utcDate);
writeOutput("utcDate ="& utcDate &" localDate = "& localDate);
ColdFusion 10/11 syntax (Note, uses "mm" for minutes. Runnable Example)
str = "20190126175631";
utcDate = parseDateTime(str, "yyyyMMddHHmmss");
localDate = DateConvert("utc2Local", utcDate);
writeOutput("utcDate ="& utcDate &" localDate = "& localDate);