New Zealand brushed aside England 26-7 to win the event and reclaim top spot in the overall standings.
The All Blacks, the defending World Series champions, won their third tournament this season in style, running four tries past England to claim their 11th Cup championship in Hong Kong and first since 2011.
Canada finished runner-up to England in Pool C with a 2-1-0 record to reach the quarter-finals of the elite Cup competition for the fourth event in a row. And it led Australia twice in Sunday's quarter-final — 5-0 and 12-7 on tries by Harry Jones and Ciaran Hearn — before giving up a converted try in the final minute.
Canada then lost 31-14 to Wales in the consolation Plate semifinal. Wales led 19-0 before Canada got on the board. Jones and Sean Duke scored tries for Canada.
The Canadians were without captain Nathan Hirayama, ruled out by injury.
Canada finished 12th in last year's series standings.
In Sunday's final, first-half tries from Ben Lam and Tim Mikkelson gave New Zealand a 12-0 lead but England hit back just before the break when Tom Powell burst through to touch down from a quickly taken tap penalty to reduce the deficit to just five points.
But evergreen captain DJ Forbes, who had a huge impact on the final day with his bustling play at the breakdown, quickly put New Zealand back in command, stretching the lead after receiving a huge cut-out pass from Sherwin Stowers to score uncontested.
"We were given a lesson by England last week (in Tokyo) but here we are on the podium. It feels good to win in Hong Kong again," said an elated Forbes.
Despite a second try by Lam being overturned, and the winger being penalized for an off-the-ball offence, the men in black had too much firepower and sub Sam Dickson sealed victory with his side's fourth try.
The victory allowed New Zealand to regain the lead from South Africa who had entered the Hong Kong Sevens holding a two-point lead. With two more legs remaining in Scotland and England in May, New Zealand top the standings with 136 points, seven points ahead of South Africa who stumbled badly after losing in the Cup quarter-finals to England, 14-7.
Fiji are third on 112 while England fourth on 105.
England had booked its berth in the Cup final with a 17-7 victory over Fiji in the semifinal. Fiji had looked impressive in the run-up and seemed on course for back-to-back titles after winning in Tokyo last week but came undone against a disciplined English side.
New Zealand's path to the final was a 28-5 win over Wales in the quarter-finals followed by a 19-7 victory over trans-Tasman rivals Australia.
Japan became the first Asian team to win a core team spot on the World Series when it won the qualifying tournament defeating Italy 26-5. Japan will play in the remaining two legs this season in Scotland and England, and all nine legs in the World Series next season.
With files from The Associated Press.