There is 'racism' in Hong Kong and to deny it would be stupid, however, I put racism in ' ' because not all racisms are equal.
First, I don't believe there are huge groups of people that don't like others because of the colour of their skin. Culture, religion, language, socio-economic status, nationality, history, these play a factor.
HKers are, broadly speaking, a pragmatic bunch. 99% of their daily interactions are with other HKers, they don't want to expend any energy/time thinking about other people.
Racism exists, but it's unlikely to lead to violence. If an when it does, it's likely to be between ethnic groups from outside Hong Kong. Anyway, if you want to see real, in your face racism, go to the middle east, India, many African countries...keeping in mind that most of world's most fierce and violent racism is neither perpetrated by or experienced by white people.
The most racist countries in the world