Last updated at 5.39pm:
The Hong Kong Observatory on Wednesday afternoon hoisted the number eight tropical cyclone warning signal for the first time this year as Tropical Storm Hagupit approached Hong Kong.
The Hong Kong Stock Exchange was shut for the afternoon session. Officials said they expected markets and banks to open normally on Thursday.
Authorities had earlier advised fishermen to put their boats in typhoon shelters, and said people should secure loose objects outside their homes. Schools were closed, as were some government offices including licensing bureaus and care centres.
The Hong Kong Jockey Club has cancelled Wednesday night's race meeting at the Happy Valley Racecourse and said it would refund cash, electronic and telephone bets.
At 1.40pm the Observatory issued the signal as it warned that the severe tropical storm will blow storm force winds in Victoria Harbour, with a sustained wind speed of 63 to 117 kilometres per hour. Gusts may exceed 180 km/h.