The one-kilometre race is among the few major sporting events permitted to resume this year in the financial hub.
However, under the government's strict anti-virus restrictions only half of the usual 3,000 swimmers were allowed to compete, and all were required to have received two vaccinations and tested Covid negative prior to the event.
Double Olympic silver medal winner Siobhan Haughey was among a number of professional athletes leading cheers for the swimmers when they plunged into the cool seawater as Hong Kong leader Carrie Lam's airhorn blared.
Leung Yuen-Ying, 79, the oldest swimmer this year, joined the race with her daughter.
"My father used to race this so I have a special feeling for it," Leung told reporters.
"I hope that one generation after another can continue to have this meaningful event in Hong Kong," she said.