The Hong Kong Observatory on Thursday cancelled the Standby Signal Number 1 at 2:40pm.
It said that in the past couple of hours, the tropical depression over the South China Sea has weakened further.
However, it warned that the outer rainbands associated with the tropical depression will continue to bring squally showers and thunderstorms to the coast of Guangdong for the rest of the day.
Showers and thunderstorms are also expected over the next couple of days, while there will be sunny intervals on Sunday and Monday.
Meanwhile, the observatory's senior scientific officer, Cheung Ping, said another storm could be looming.
"Another area of low pressure is expected to bring unsettled weather to the South China Sea early to midweek next week and may develop into a tropical cyclone," he said, as he called on members of the public to pay heed to the observatory's latest updates.