Police will today resume the search along Wan Chai's waterfront where 416 bullets were found on Thursday.
Divers were forced to halt a search off Fenwick Pier after two hours yesterday due to bad weather.
Detective Chief Inspector Richard Tang Lap-chin from Hong Kong Island's regional crime unit said the ammunition was all .38 calibre. Some of the bullets were 'hollow-point' style and the others were 'metal-jacket'.
Mr Tang said the metal-jacket bullets had stronger piercing power than the hollow-point bullets.
The ammunition has been taken to the force's Ballistics and Firearms Identification Bureau for examination.