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Authorities dispatched planes and helicopters to aid in the rescue, with at least three people from the crew of 30 brought to safety as of 5:30 pm (1030 GMT) Saturday.
Photos released by the Hong Kong Government Flying Service showed one crew member being winched up to a rescue helicopter as big waves lashed the sinking vessels, which had broken up in two parts.
The accident occurred about 300 kilometers south of Hong Kong.
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The storm made landfall in the western part of the coastal province of Guangdong later Saturday.
The Hong Kong service sent two fixed-wing aircraft and four helicopters for the rescue effort.