Can I work at two places while having my ARC sponsored by one?

It’s a restriction to get a work permit, so if you have your own OWP, not applied.

can my new employer apply for new work permit and ARC, while i am still working with the current employer, while i am planning to leave the current employer after Chinese new year, Can i get the Work permit and ARC before the Chinese new year?
note: i cant have the termination letter before Chinese new year.