The city, which is the biggest market for Brazilian beef, already issued a ban on all meat imports from the country earlier this week.
It comes after police in Brazil said they had uncovered a scheme to bribe corrupt health inspectors at processing plants to certify tainted meat.
China has also suspended all imports and Brazilian officials say exports have dropped from USD 63 million a day to just USD 74,000.
Hong Kong's health secretary Ko Wing-man announced a "comprehensive recall" of all "chilled, frozen and poultry meats" which had already been imported from the factories at the heart of the crisis.
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He hoped the move would help restore customer confidence in Brazilian meat that had not been brought in from the factories involved.
Hong Kong imported USD 718 million worth of beef in 2016, according to Brazilian government figures.
It is the second biggest importer of all Brazilian meat behind China, which has also suspended imports.
Other important markets, notably the European Union, have stopped any imports from the 21 businesses under investigation.
Brazil's government has appealed to the World Trade Organization's (WTO) 163 other members not to impose "arbitrary" bans on the country's more than USD 13 billion meat export industry.
Officials have been scrambling to contain the damage since police announced the results of the two-year investigation last week.
According to police, the health inspectors involved were bribed to certify meat no longer fit for consumption, while additives were used to mask problems in the produce.