Is January too late to apply for Cambridge?

[Aqualyu]

Halo everyone! I'm Aqua, an international student studying in Hong Kong. I want to apply for the program Msc Contemporary Chinese Studies of Cambridge, which requires IELTS 7 on each element. I only got 6.5 on writing(7.5 in total), so I am considering retaking the IELTS test. Besides, I want to apply after I get this semester's transcript (released around mid-Jan) then I may apply with a higher GPA. (3.56/4 now)  It says on the program webpage that the deadline is May 1st, but it also suggests applicants apply as soon as possible.

Is it too late to apply at the end of January? Or it is better to apply with my current GPA and IELTS score? Any suggestion?