The Lunar New Year parade took place in Tsim Sha Tsui on Wednesday, with Chief Executive John Lee opening the event.

In his speech, the Chief Executive told the crowd that there was no better place to ring in the Chinese New Year than Hong Kong.

"Only in Hong Kong, the world's East-meets-West centre for cultural exchange and day-and-night entertainment, all around town you'll be greeted by the magnificent spectacle of our festivities and the warm hospitality of the people of Hong Kong, as we share the joy of the year with all of you. I wish you all a happy, healthy, and eventful Year of the Snake."

Lee said this year's parade, themed "Unfold a Year of Good Fortune", featured 55 performing groups and floats, which showcased Hong Kong, as well as 14 countries and regions.

They are "here in the world city of Hong Kong to dance, sing and perform, skip, juggle, cheerlead and otherwise amaze and delight you in this most auspicious of days," he said.

The night parade started at the Hong Kong Cultural Centre Piazza at 8 pm, then headed down Canton Road, Haiphong Road, and Nathan Road, before ending at the Sheraton Hong Kong Hotel and Towers.

Earlier, organiser Hong Kong Tourism Board said it expected around 100,000 people to turn up for the event.

As part of the Spring Festival celebrations, Lee added that the floats and some of Wednesday night's performances will move to Lam Tsuen for Thursday's Hong Kong Well-wishing Festival. The floats will be on display there until February 13.

Other festivities include a 23-minute firework show on both sides of Victoria Harbour on the second day of the Lunar New Year, as well as horse racing at Sha Tin on the third day.