Joint task force to combat bid-rigging in building maintenance and renovation projects successfully dismantles bid-rigging syndicate in first joint operation
Led by the Security Bureau and joined by the Hong Kong Police Force, the Independent Commission Against Corruption and the Competition Commission, the joint task force to combat bid-rigging in building maintenance and renovation projects conducted a joint operation codenamed "Operation UNITEDEDGE" in the past two days (November 5 and 6), successfully neutralising a bid-rigging syndicate and arresting a total of 66 persons.
The investigation revealed that a bid-rigging syndicate with links to triad groups had attempted to "catch the last train" before the relevant reforms were implemented. They sought to exploit fluctuations in material prices and the urgent need to commence works as pretexts to induce property owners to sign contracts before the Government introduced the "pre-qualified lists" mechanism, thereby selecting building works consultants and contractors controlled by the syndicate.
The joint operation codenamed "Operation UNITEDEDGE" conducted by the task force successfully neutralising the bid-rigging syndicate and arresting a total of 66 persons (54 men and 12 women, aged between 29 and 79, including seven board members and six staff members from six contractor companies; 10 board members and two staff members from 10 consultancy firms; a board member and a staff member from a property management company; as well as a member from an owners' corporation (OC). Some of them have a triad background. The arrested persons were suspected of contravening relevant offences under the Prevention of Bribery Ordinance, the Theft Ordinance, the Crimes Ordinance, the Gambling Ordinance and the Competition Ordinance. Pursuant to a court warrant, the Competition Commission also searched the premises of the persons involved and exercised the coercive powers conferred by the Competition Ordinance to require the production of information and attendance at hearings.
In the operation, the task force searched a total of 78 premises, including the offices of various contractors and consultancy firms, as well as the residences of those involved in the case, and seized documents and accounting records of the relevant building maintenance and renovation projects. To combat triad activities at the same time, the operation also raided seven illegal premises across various districts in Hong Kong that were controlled by the relevant individuals with a triad background, including five illegal gambling establishments and two vice establishments, and arrested 38 persons (30 men and eight women) for offences including operating a gambling establishment, gambling in a gambling establishment and keeping a vice establishment.
Investigations revealed that the syndicate secured tenders through bid-rigging means of controlling the consultancy firms and contractors, manipulating the decision-making of the OCs through bribing the OC members and circumventing regulations by using nominal registered inspectors and works consultants. The case involved a total of 12 residential buildings and industrial buildings in Hong Kong, with the sum of the works projects exceeding $100 million.
Based on the information currently available, the bid-rigging syndicate consisted primarily of six contractors and 10 consultancy firms, and was suspected of holding and operating the relevant companies through various individuals to conceal the connection between them, thereby gaining control over building maintenance and renovation projects.
The bid-rigging syndicate would purchase flats in the target building in the company's name prior to the issuance of a notice of mandatory building inspection, and would arrange for non-resident syndicate members to serve as members of the OC. Furthermore, the syndicate would arrange for members to hold key positions, such as treasurer and secretary, in a non-owner capacity with a view to manipulating future tenders. Some of these individuals even hold positions in multiple buildings simultaneously, in effect making them "full-time members of the OC". Once a building received an inspection order, the syndicate would manipulate building professionals lacking integrity and ethical standards through bribery or triad ploys, reducing them to mere "rubber stamps" who blindly sign statutory documents. Some of the professionals who were implicated were handling up to 80 projects simultaneously, rendering it fundamentally impossible for them to maintain the required professional standards and carry out due diligence. Besides, the syndicate would even arrange its members to impersonate deceased professionals to sign the relevant project documents.
During the tendering stage, the syndicate, through its colluding consultancy firms, would submit bids at extremely low prices while simultaneously arranging multiple companies to submit "phantom bids" or "dummy bids" to create the illusion of competition. It would then fend off competitors with illegal tactics such as intimidation, harassment, deception and bribery. Once the syndicate's consultancy firm secured the bid, the firm would collude with infiltrated members of the OC to manipulate the selection of contractors. Through deliberately concealing project details and underestimating building defects, they would only add a large number of additional works items after the contracts had been awarded, forcing property owners lacking specialist knowledge to bear the burden of a significantly increased total project cost. In the end, the syndicate would conceal and launder the proceeds of crime through such means as false consultancy agreement, fictitious sub-contracting, and accounting fraud in an attempt to evade investigation by law enforcement agencies and to divert funds towards other illegal activities operated by the triad faction.
Most of the arrested persons remained in custody for investigation and the task force will continue with the relevant investigations. In addition, as the consultancy firms involved are also providing consultancy services on building maintenance and renovation projects for several other buildings and the relevant works contracts haveyet to be awarded, the task force will proactively approach the relevant OCs in due course to remind them of the risks they need to be aware of when following up on these works. The task force will also share the relevant information with other government departments to support the launch of the "pre-qualified lists" and will continue to combat bid-rigging syndicates comprehensively through three areas, namely intelligence sharing, joint operations and prevention.
To facilitate the reporting of suspected bid-rigging activities in building maintenance and renovation projects by members of the public, the task force has set up a 24-hour hotline 182 000 for combatting bid-rigging in building maintenance and renovation projects, as well as a reward mechanism. Members of the public may use the hotline to provide information or intelligence regarding suspected bid-rigging activities. The personal data obtained will be kept strictly confidential.
The Government gives a stern warning that no one should flout the law by engaging in bid-rigging. Offenders will be arrested and prosecuted, and upon conviction, punished in accordance with the law.
Source: AI-found images
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities
Hong Kong FinTech Week x StartmeupHK (HKFW x SMUHK) 2026 concluded today (November 6), capping a week of discussions, business exchanges, start-up showcases and ecosystem activities that brought together policymakers, regulators, entrepreneurs, investors and innovators from around the world.
The week-long programme attracted more than 48 000 visitors from over 120 economies, featured over 1 100 speakers, 800 exhibitors, and welcomed more than 30 Chinese Mainland and international delegations. The scale of participation reinforces Hong Kong's role as a platform where Finance+, AI+ and global expansion opportunities converge. HKFW x SMUHK was organised by the Financial Services and the Treasury Bureau, the Commerce and Economic Development Bureau and Invest Hong Kong (InvestHK), in collaboration with the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority, and the appointed event organiser, Finoverse.
Global leaders share insights on the future of finance, innovation and growth
Throughout the week, speakers explored how financial and technological innovation are reshaping industries, business models and global markets. The discussions took place against a backdrop of continued momentum in Hong Kong's fintech ecosystem, which now comprises more than 1 400 fintech companies. Discussions ranged from AI, digital assets and tokenisation to entrepreneurship, sustainability, international investment and cross-border growth, reflecting the increasingly interconnected nature of today's innovation economy.
AI discussions highlighted both the expanding potential of the technology and the foundations needed to support wider adoption. The Chair Professor of Artificial Intelligence Systems of the Hong Kong Polytechnic University, Professor Cao Liangliang, highlighted the growing role of AI agents in helping organisations manage information and make decisions, pointing to education as one area where AI could create meaningful new applications. As AI becomes more commonly embedded in finance and business, the Chair of the United Kingdom Financial Conduct Authority, Mr Ashley Alder, emphasised that trust and outcome-based regulation will be fundamental to supporting financial innovation.
Financial institutions also highlighted how AI is moving from adoption to broader transformation across the sector. The President of the Bank of China, Mr Zhang Hui, pointed to the growing financing needs of the AI value chain, adding that the bank plans to provide financing support of no less than RMB1 trillion for the AI industry over a five-year period. The Group Chief Executive Officer of HSBC, Mr Georges Elhedery, described AI as a broader business-model transformation, while highlighting the bank's plans to establish a global AI and Emerging Technology Institute in Hong Kong in 2027 to develop capabilities and talent in AI, blockchain and quantum cryptography. Meanwhile, the Group Chief Executive of Standard Chartered, Mr Bill Winters, noted that as agentic commerce evolves, the market will need to unlock the full potential of digital money and tokenisation, including stablecoins and tokenised deposits, while working across the ecosystem to strengthen interoperable infrastructure and regulatory frameworks.
Whether the focus on innovative technology can build trust also extends to the broader infrastructure underpinning financial innovation, with speakers spotlighting the importance of balancing financial innovation with guardrails. The Head of the BIS Innovation Hub at the Bank for International Settlements, Mr Tommaso Mancini-Griffoli, pointed out that risks arise when innovation and regulation fall out of balance, urging stress-testing of AI, avoiding over-reliance on a single model, and building systems robust to inaccurate or manipulated data. Meanwhile, the Chief Executive Officer of Franklin Templeton, Ms Jenny Johnson, pointed to the growing convergence of traditional finance and blockchain, citing Hong Kong's constructive regulatory environment for developing and testing tokenised financial products. She also outlined the potential of blockchain and tokenised money market funds to enable more efficient payments and settlement.
Digital assets provided a further perspective on how innovation is reshaping financial markets across Asia. The Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority, Mr Bilal Bin Saqib, highlighted the importance of bringing digital asset activity into a safe, regulated environment while widening access to finance and global capital, including through tokenised sovereign instruments. The Assistant Secretary-General of the Securities and Exchange Commission of Thailand, Ms Nopnuanparn Pavasant, also shared how Thailand is integrating digital assets into its broader capital market, with a focus on securities tokenisation and cross-border regulatory co-operation. Together, the discussion underscored the importance of trusted regulatory frameworks and international connectivity in supporting digital asset development across Asia.
Beyond financial services, autonomous driving illustrated how frontier technologies are progressing from innovation to commercial deployment and international scale. The Founder and Chief Executive Officer of Pony.ai, Mr James Peng, highlighted the industry's move towards scaled deployment and international expansion, with market selection and regulatory readiness shaping where companies grow. The Founder and Chief Executive Officer of WeRide, Mr Tony Han, underscored the importance of industry-wide collaboration on safety in building public confidence as autonomous driving expands into new markets.
While perspectives varied across sectors and markets, a common theme emerged: the next phase of business growth will depend not only on technological innovation, but also on the ability to connect ideas with capital, talent, infrastructure and international opportunities.
Global fast track highlights the next generation of innovation
A key highlight of the week was the finale of Global Fast Track 2026, InvestHK's flagship programme connecting startups and scale-ups with corporate leaders, investors and potential business partners. Following over 700 applications from more than 120 economies, selected finalists presented their solutions at the main conference. The programme provided participating companies with opportunities to engage with decision-makers and explore potential commercial applications, investments and partnerships.
PragmaClin, a Canadian company with its flagship Parkinson's Remote Interactive Management System, was named the winner of Global Fast Track 2026. The programme continued to demonstrate Hong Kong's role in connecting emerging innovators with the capital, commercial partners and international networks needed to scale and expand globally.
Building connections that shape the next phase of innovation and growth
One of the key themes of HKFW x SMUHK 2026 was the growing ambition of companies to build for regional and global markets from the outset. More than 30 delegations from th Chinese Mainland, including those from Beijing, Jiangsu, Shanghai, Shenzhen and Zhuhai, as well as delegations from North America, Europe, the Gulf Cooperation Council regions, the Association of Southeast Asian Nations, Central Asia, and other emerging markets, participated in conference sessions, ecosystem exchanges and business engagement activities throughout the week, reflecting increasing demand for international partnerships, market access and cross-border growth opportunities.
Beyond the main conference, participants took part in a series of community and partner events across the city, including investor meetings, start-up showcases, networking sessions and ecosystem exchanges. A highlight of the week was the two-day Guangdong-Hong Kong-Macao Greater Bay Area Immersive Executive Tour to Shenzhen, where participants visited leading technology enterprises covering AI, electric vehicles, fintech, robotics and more for gaining first-hand insights into one of the world's most dynamic innovation ecosystems.
As HKFW x SMUHK 2026 draws to a close, the week's discussions underscored a broader shift taking place across industries and markets. From Finance+ and AI+ to global connectivity, the programme explored how businesses, investors and policymakers can work together to unlock new sources of value. HKFW x SMUHK 2026 reinforced Hong Kong's role as a platform where ideas can be commercialised, businesses can be scaled and international opportunities can be realised.
For more details and highlights from HKFW x SMUHK 2026, please visit www.fintechweek.hk, or the following official social media accounts:
LinkedIn: Hong Kong FinTech Week; StartmeupHK; and
YouTube: www.youtube.com/c/HongKongFinTechWeek.
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities Source: HKSAR Government Press Releases
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities Source: HKSAR Government Press Releases
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities Source: HKSAR Government Press Releases
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities Source: HKSAR Government Press Releases
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities Source: HKSAR Government Press Releases
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities Source: HKSAR Government Press Releases
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities Source: HKSAR Government Press Releases
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities Source: HKSAR Government Press Releases
Hong Kong FinTech Week x StartmeupHK 2026 closes with over 48 000 visitors, bringing together global innovation and growth opportunities Source: HKSAR Government Press Releases
