A severe tropical storm is hitting Hong Kong Wednesday, forcing the suspension of financial markets, banks and other public services.

At 1:40 p.m local time, the Hong Kong Observatory issued the Typhoon Signal No. 8, meaning that the winds with mean speed of 62 kilometers per hour or more are expected.

At 4:00 p.m., tropical storm Hagupit, about 150 kilometers south-southwest of Hong Kong, was moving west-northwest at about 15 kilometers per hour towards the western Guangdong province.

No incidents of damages, injuries, flooding, landslide have been reported so far.

The local stock market was shut down in the afternoon, following the hoisting of the typhoon warning.

All the schools and some government services including licensing bureaus and care centers were closed.

(Xinhua News Agency September 11, 2002)