Chinee New Year can be a very dull time here, if you’re not in/closely linked to a Chinese family – much of the "celebrating" is done in homes; think there’s even a day when it’s said to be best not to meet people, as if you do, will argue with them for rest of the year [not sure if remember right; are various dos and don’ts].
Can get quieter than usual, with shops shutting for couple of days or more (wise to remember, and buy some stuff beforehand; tho can’t recall if supermarkets have lately taken to opening).
I believe this is a major reason the tourism board started new year parade on HK Island: after tourists found it very dull time to be in Hong Kong.
That said, the waterfront can be lively on first two days of Chinese New Year, with stalls opening along the Praya – sell toys (cheap ones; might be bargains), some clothes I think fruit; also a few noodle stalls etc. People throng the area.
I did pass your question to some folk who may know if anythong’s organised for this year; will post again if any reply.