I don't think so. I have ever only held a multi-crew IR and this seemed good enough for the CAD.
However, if applying for a CAD licence on conversion terms, your licence and IR must be valid when you do your base training, as they issue you with a validation of a currenct foreign licence in order that fly your base training on a HK registered aircraft with no HK licence. Base training must be completed before the issue of the CAD licence, as you have to 'open' the licence with a type.
It's also woth mentioning that your medical needs to be current when being examined for a CAD medical.
I think this is all correct.