The Observatory says it has lowered the Strong Wind Signal No 3, which had been in place in the wake of Typhoon Chaba.
The Standby Signal No 1 has been raised as the storm fades.
At 2pm, the storm was estimated to be about 430 kilometres west-northwest of Hong Kong and is forecast to move north and weaken gradually.
Occasional strong winds and squally showers are continuing to be felt around parts of the SAR. The Observatory said it would cancel all tropical cyclone warning signals when Chana no longer poses any threat to Hong Kong.
Earlier, the government said it had received at least 45 reports of fallen trees and one confirmed case of flooding from the typhoon. The Hospital Authority said three people had sought help for injuries sustained.