Weakened Hagupit hits south China

Workers abandon Hong Kong's stock exchange after trading was cancelled on Wednesday afternoon

HONG KONG, China (CNN) -- Downgraded from a tropical storm to a tropical depression, Hagupit hit south China early Thursday bringing with it lashing rains and strong winds.

There were no immediate reports of major damage or fatalities due to the storm system which at 8:00 a.m. (0000 GMT) was centered about 130 km (81 miles) northeast of Zhanjiang in China's southern Guangdong province, according to the Hong Kong Observatory.

Hagiput -- a Filipino word for a whipping or flogging -- was moving northwestward at about 20 kph, also dissipating in intensity with maximum sustained winds of 46 kph gusting to 65 kph.

The storm passed south of Hong Kong on Wednesday, prompting authorities to send workers home and the stock market and other businesses to shut after the Observatory posted a T8 warning -- its third highest typhoon warning signal.

At least 32 people were injured, The Associated Press news agency reported, and five were admitted to hospital.

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Hagiput, which packed winds of up to 100 kph on Wednesday, caused heavy sea swells and ferry services to be canceled.

Authorities used helicopters to rescue 25 crewmembers from two mainland fishing vessels caught in the storm.

Stranded sailors

In a separate incident, crewmembers on a leaking oil tanker triggered an explosion after they ignited an emergency signal flare off the coast of Guangdong province.

State-run media reported that the explosion injured eight and left two missing.

The tanker was seeking shelter from the approaching Hagupit when it hit rocks and began to leak oil.

The captain and 15 other crew abandoned ship and then fired a flare which ignited the leaking oil, Xinhua reported. The tanker soon caught fire before exploding, forcing those left on the ship to jump overboard.

Authorities rescued 14 crew, the Xinhua report said, but there were no details on the total number of crewmembers. (Full story)

In Hong Kong, it was the first time this year that the T8 signal was hoisted, a warning that falls short of predicting a direct hit from a major storm.

Eight flights into Hong Kong's Chek Lap Kok airport were diverted while more than 40 inbound or outbound flights were canceled. Over 100 were delayed.

As millions of commuters dashed to board the last ferry or crowded into trains bound for the suburbs, some were clearly pleased at the disruption to the working day.

But the early closure of business is likely to be costly to the city.

Last year, there was uproar in the business community when officials told Hong Kong to brace for a storm which eventually caused no damage. The cost of that shutdown was estimated at up to $650 million.