The city's top court confined marriage to heterosexual couples in 2023 but ordered the government to create an "alternative framework" to recognise same-sex couples' rights by October.
Government officials unveiled a proposal on July 2 to allow limited rights for gay and lesbian couples.
But it only covers those whose unions are registered abroad, as some same-sex couples have done, including through online ceremonies.
The bill covers medical-related matters and after-death arrangements, for example, a person's right to visit their partner in hospital or to claim a dead partner's body.
But even same-sex couples whose unions are recognised will still be unable to marry, adopt children or access some spousal entitlements such as prison visits.
Nevertheless, it could be one of the biggest advances for equal rights in the city's history.
The LGBTQ community is prepared to be pragmatic, said non-binary artist Holok Chen, who read out a statement decrying homophobia outside a marriage registry on Monday.
"We are not idealists," Chen told AFP.
"We are desperate because we are now in an impossible position. Either we have to accept a discriminatory proposal... or we have to risk nothing at all."
Yan Ng, a co-founder of advocacy group Dear Family Hong Kong, said the government should offer "a more inclusive system" with stronger safeguards for more types of relationships.
"We appreciate that the government shouldered their responsibility to put forward the bill," she told AFP.
"This is a half-step, but can we go a bit further?"
- 'Bare minimum' -
The bill has completed preliminary vetting and will likely be sent to Hong Kong's 89-strong legislature for debate and voting after summer recess.
Only 12 lawmakers have publicly expressed support, according to a tally by newspaper Ming Pao.
No open forum or consultation has been held.
Instead, the public was given just seven days, until Tuesday afternoon, to write in with their views.
Film director Ray Yeung said it was "unreasonable" for the government to rush the process but would still support the proposal.
"If you are a beggar and you're given a bowl, that's better than nothing," he said.
In 2024, Yeung directed "All Shall Be Well", an award-winning drama inspired by the legal and administrative headaches faced by same-sex couples in Hong Kong's hospitals, morgues and cemeteries.
"If your partner is sick or is about to die, to a certain extent (the bill) can help you, it provides a bare minimum of rights."
Films like Yeung's have been credited with helping to shift public opinion over the years. A 2023 survey showed that 60 percent of polled Hong Kong people supported same-sex marriage.
Kelley Loper, one of the legal academics behind that survey, told AFP the draft bill will "only grant a very limited number of rights" and failed to satisfy what top judges demanded.
"I expect the courts will eventually determine that the partnership scheme is insufficient and the gaps are unconstitutional," said Loper, a professor at the University of Denver Sturm College of Law.
Pro-Beijing lawmaker Priscilla Leung argued that there was no consensus on LGBTQ equality, saying that eight out of 10 of her constituents voiced "strong objection".
- No more 'megaphone' -
Years of planning and patience by the LGBTQ community have come down to this one month of "chaotic" discourse, according to activist Sean Hau.
"The issue went from a snail's pace to the speed of a rocket," said Hau, another co-founder of Dear Family Hong Kong.
"Mobilising used to be very visible, because we have a space to speak with a megaphone... We might not be able to do that now."
Hong Kong's Pride Parade was first officially held in 2008 and activists once freely campaigned on the streets.
But Beijing cracked down on political freedoms in the Chinese finance hub after months of huge and sometimes violent democracy protests in 2019.
Chen, the artist, was closely watched by police on Monday during their performance art event.
A few days before that, they were escorted away by officers after displaying a large rainbow flag outside the legislature.
The community has turned to online petitions and letter campaigns, including one initiated by democracy activist Jimmy Sham who recently completed a prison term for subversion.
Among the dozens who filed written submissions to the legislature was HKSpectrum, an advocacy group for LGBTQ youth founded in 2021.
"Rights related to medical matters and after-death arrangements are not just problems for the elderly. Young people may face them too," said Ash, one of the group's activists.
Matthew, another group member, told AFP that discussion was muted among teens on social media, highlighting the need to raise awareness.
"We must work harder and try different things so that more people will pay attention."
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