IMO there is less racism today than pre-handover. Since the influence of China has increased and the British have departed you have less of a white entitlement syndrome in the professional ranks.
At a lower level, you have negative perceptions of SE Asians continuing to be perpetuated by local Chinese. Some negative perceptions of Caucasians among local Chinese are they are rowdy and lewd.
IMO, at the end of the day, in today's HK, most discrimination is based on economic class rather than race. Wealth is revered in HK.