The Observatory issued the Strong Wind Signal No 3 at 4.40pm, and added it would remain in force until at least 6am on Saturday.
Senior Scientific Officer Lee Shuk-ming said the chance of issuing a higher signal is rather low, unless Tropical Storm Maliksi rapidly intensifies or tracks closer to Hong Kong.
She said Maliksi would make landfall in the western part of Guangdong around midnight tonight.
"As of 5pm, Maliksi was estimated to be about 290 kilometres southwest of Hong Kong. It is forecast to be slow-moving at first, and then move northwards later at about 15 kilometres per hour, edging closer to the western coast of Guangdong," she said.
"If we look at the radar imageries, we can see that the squally showers and strong winds associated with Maliksi are gradually affecting the vicinity of the Pearl River Estuary. Local winds will strengthen progressively."