What Can You Really Share or Receive?: Review of the Competition Commission's Enforcement on Exchange of Commercially Sensitive Information in Hong Kong

(A) Introduction
 
In November 2025, the Competition Commission (the “Commission”) launched a citywide education campaign focused on the “Exchange of Sensitive Information” under the Competition Ordinance (the “Ordinance”).[1] This indicates an expansion of its enforcement lens, placing the exchange of commercially sensitive information (“CSI”) [2] among the Commission’s top enforcement priorities.
 
For businesses in Hong Kong, this heightened regulatory focus raises the following questions:

(1) Can we share any information with competitors?
(2) What information is “safe” to share?
(3) What information is “safe” to receive?
(4) What are the legal consequences of sharing and receiving CSI?
 
This article examines the scope of CSI under the Ordinance, analyzes the Commission’s enforcement approach through investigations and cases as well as concludes with practical guidelines for companies, trade associations and employees seeking to mitigate risk in this new era of intensified scrutiny.
 
(B) Defining the Danger Zone: What is Competitively Sensitive Information under the Competition Ordinance?
 
When does Information Exchange Become Unlawful?
 
An exchange of information may contravene the Ordinance if it has the object or effect of harming competition in Hong Kong. This applies to: [3]

(1) Direct exchanges between competitors; and

(2) Indirect exchanges through a third party (for example, a trade association) where the information is intended to be passed to competitors.

Why is Receiving Information Also Risky?
 
It is not only the discloser of information who faces liability. A business that receives CSI from a competitor is equally at risk of contravening the Ordinance. If you receive such information and fail to distance yourself, your silence may be interpreted as acceptance and you may be deemed to have participated in the unlawful exchange.

 
What Makes Information “Competitively Sensitive”?
 
There is no exhaustive list of prohibited data. Instead, each case is assessed based on its context. The following factors determine whether an information exchange is likely to breach the Ordinance: [4]
 

Factor	Lower Risk Scenario (Safer)	Higher Risk Scenario (Danger Zone)
Nature of the Information	Information on industry best practices, public policy, or sustainability standards	Information relating to price (e.g., future pricing, discounts, rebates) and quantities (e.g., sales volumes, output, capacity)
Age of the Information	Historical information (e.g., past year’s aggregated sales data)	Future or current information (e.g., planned price changes, unpublished bid intentions, upcoming marketing plans)
Level of Detail of the Information	Aggregated and anonymized information that does not reveal individual company data	Individualized, company-specific information that can be traced back to a particular competitor
Characteristics of the Market	Information exchange in a fragmented market with many competitors	Information exchange in a concentrated market with only a few major players
Frequency of the Information Exchange	A one-off or infrequent exchange of information	Frequent, systematic or regular exchanges that facilitate ongoing market alignment

 
The more factors that align with the Higher Risk Scenario, the greater the likelihood that the information exchange will be viewed as a contravention of the First Conduct Rule under the Ordinance.
 
How to Assess Risk Before Sharing or Receiving Information?
 
Before sharing or receiving any information with a competitor or an industry association, ask yourself the following questions (the “3W” Test):
 
(1) What is the purpose of this exchange? Is it for a legitimate or pro-competitive reason (for example, industry-wide efficiency)? Or does it appear to reduce uncertainty about future competitive behaviour?

(2) Will this exchange affect competition? Will the information relate to price, costs or strategic plans?

(3) Will this exchange harm customers? Will the information allow competitors to coordinate their behaviour, leading to higher prices or fewer choices for consumers?
 
If the answer to any of the above questions is in the affirmative, the exchange is highly problematic and should be avoided.
 
(C) The Competition Commission’s Enforcement Actions/ Decision

(1)  Investigations

Date	Action	Parties Involved	Sector	Suspected Conduct	Specific Information Allegedly Exchanged
27 November 2022 [5]	Joint operation at the Aberdeen Wholesale Fish Market	Wholesalers at Aberdeen Wholesale Fish Market	Fish Wholesale	Price fixing, output limitation, group boycott	Information regarding prices of fisheries products
20 December 2022 [6]	Search operation at the Aberdeen Wholesale Fish Market	Wholesalers at Aberdeen Wholesale Fish Market	Fish Wholesale	Price fixing, output limitation, group boycott	Information to coordinate prices and limit supply
20 June 2023 [7]	Second search operation at the Aberdeen Wholesale Fish Market	Wholesalers at Aberdeen Wholesale Fish Market	Fish Wholesale	Market sharing, output limitation, group boycott	Information to coordinate prices and limit supply
21-22 August 2024 [8]	Joint operation against bid-rigging and corruption	Project contractors, project consultancies, middlemen, property management companies and Incorporated Owners	Building Maintenance	Price fixing, bid-rigging	Bidding prices coordinated directly or through intermediaries
13 November 2024 [9]	Search operation related to government subsidy scheme	IT service providers	Information Technology	Bid-rigging, price fixing	Quotations for logistic technology in applications for government subsidy
8 July 2025 [10]	Search operation regarding swimming pool services	Multiple swimming pool service providers and individuals	Swimming Pool Services	Bid-rigging, price fixing, market sharing, exchange of competitively sensitive information	Information to coordinate bids and prices for maintenance services, equipment and lifeguard services
5 August 2025 [11]	Search operation regarding building maintenance	Building maintenance contractor, building maintenance consultant and individuals	Building Maintenance	Bid-rigging	Information to manipulate tender result
9-10 September 2025 [12]	Search operation regarding building maintenance	Project contractors and individuals	Building Maintenance	Bid-rigging, price-fixing, exchange of competitively sensitive information	Bidding prices coordinated directly or through intermediaries; submission of cover bids
28-29 January 2026 [13]	Search operation regarding building maintenance	Project contractors, consultancy firms and individuals	Building Maintenance	Bid-rigging, price-fixing, exchange of sensitive information	Confidential project cost estimates from consultancy firm, coordinated bidding arrangements and cover bids

(2)   Competition Tribunal Proceedings
 

Date Commenced	Case Name	Respondents	Sector	Conduct Related to Information Exchange	Specific Information Exchanged	Status / Latest Outcome
22 January 2020 [14]	Competition Commission v. Quantr Limited and Cheung Man Kit  (CTEA 1/2020)	(1) Quantr Limited; (2)Cheung Man Kit	Information Technology	Price fixing by way of exchange of competitively sensitive information in relation to intended quotations in a bidding exercise for IT services	Future pricing intentions and intended quotations	(1)Declarations that one undertaking involved contravened the First Conduct Rule and one undertaking was involved in the contravention; (2)Pecuniary penalty totalling HK$37.7k;  (3)Compliance order [15]
25 November 2021 [16]	Competition Commission v. Quadient Technologies Hong Kong Limited, Quadient International Supply Limited, Toppan Forms (Hong Kong) Limited and Smartech Business Systems (Hong Kong) Limited (CTEA 1/2021)	(1)Quadient Technologies Hong Kong Limited; (2)Quadient International Supply Limited; (3)Toppan Forms (Hong Kong) Limited; (4)Smartech Business Systems (Hong Kong) Limited	Business Equipment	Price-fixing, market-sharing and bid-rigging	Intended prices and models of inserters before submitting quotations	(1)Resolved under the Commission’s Cooperation and Settlement Policy; (2)Declarations that the undertakings involved contravened the First Conduct Rule; (3)Pecuniary penalties totalling HK$5.58 million [17]
14 December 2021 [18]	Competition Commission v. Hong Kong Commercial Cleaning Services Limited, Man Shun Hong Kong & Kln Cleaning Company Limited, Chan Ming Chu, Cheng Yip Chiu and Cheng Hok Kuen  (CTEA 2/2021)	(1)Hong Kong Commercial Cleaning Services Limited; (2) Man Shun Hong Kong & Kln Cleaning Company Limited; (3)Chan Ming Chu; (4)Cheng Yip Chiu; (5)Cheng Hok Kuen	Cleansing Services	Price fixing by exchanging commercially sensitive information when bidding for Hong Kong Housing Authority contracts	Commercially sensitive information in relation to tenders submitted to the Hong Kong Housing Authority	(1)Declarations that two undertakings involved contravened the First Conduct Rule and three undertakings were involved in the contravention; (2)Pecuniary penalties totalling HK$22.29 million; (3)Director disqualification orders against three persons for a period of 24 months [19]
20 January 2022 [20]	Competition Commission v. Gray Line Tours of Hong Kong Limited, Harbour Plaza 8 Degrees Limited, Harbour Plaza Hotel Management Limited, Prudential Hotel (BVI) Limited, Tak How Investment Limited (trading as InterContinental Grand Stanford Hong Kong) and Wu Siu Ieng Michael (CTEA 1/2022)	(1)Gray Line Tours of Hong Kong Limited; (2)Harbour Plaza 8 Degrees Limited; (3)Harbour Plaza Hotel Management Limited; (4) Prudential Hotel (BVI) Limited; (5)Tak How Investment Limited (trading as InterContinental Grand Stanford Hong Kong); (6)Wu Siu Ieng Michael	Travel and Tourism	Facilitating a price-fixing cartel between two travel service providers	Pricing information for tourist attraction and transportation tickets passed between competitors	(1)Declarations that two undertakings contravened the First Conduct Rule and one undertaking was involved in the contravention; (2)Pecuniary penalties totalling HK$5.78 million; (3)Director disqualification order against one person for a period of 36 months [21]
22 March 2023 [22]	Competition Commission v. Multisoft Limited, MTT Group Holdings Limited, BP Enterprise Company Limited, Noble Nursing Home Company Limited, KWEK Studio Limited, Au Yeung Kit Yee (trading as Yat Ying Hong and in her personal capacity), Fan Sing Chi and Tang Wai Chun (CTEA 1/2023)	(1)Multisoft Limited; (2)MTT Group Holdings Limited; (3)BP Enterprise Company Limited; (4)Noble Nursing Home Company Limited; (5)Kwek Studio Limited; (6)Au Yeung Kit Yee (trading as Yat Ying Hong and in her personal capacity); (7)Fan Sing Chi; (8)Tang Wai Chun	Information Technology	Price fixing, market sharing, cover bidding, and sharing competitively sensitive information when providing quotations for IT solutions under a government subsidy scheme	Information to coordinate cover bids and allocate customers	(1)Declarations that five undertakings contravened the First Conduct Rule and three undertakings was involved in the contravention; (2)Pecuniary penalties totalling HK$1.71 million; (3)Orders requiring each undertaking to adopt an effective compliance programme as the Tribunal considered appropriate; (4)Director disqualification order against one person for 24 months [23]
14 November 2023 [24]	Competition Commission v. Midland Realty International Limited, Hong Kong Property Services (Agency) Limited, Midland Holdings Limited, Wong Ching Yi Angela, Po Siu Ming, Lee Chung Yin, Cheong Tsz Chuen and Ma Tai Yeung (CTEA 3/2023)	(1)Midland Realty International Limited; (2)Hong Kong Property Services (Agency) Limited; (3)Midland Holdings Limited; (4)Wong Ching Yi Angela; (5)Po Siu Ming; (6)Lee Chung Yin; (7)Cheong Tsz Chuen; (8)Ma Tai Yeung	Real Estate	Price fixing via agreement on minimum net commission rate for sale of first-hand residential properties, and/or exchange of competitively sensitive information	Agreed minimum net commission rate of 2% (a price element affecting rebates)	Pending

 
Up to date, the Commission has secured pecuniary penalties totalling millions of dollars and obtained five director disqualification orders. This shows that both companies and individuals face serious consequences for exchanging CSI.
 
(3)   Decision
 

Date Commenced	Party involved	Sector	Conduct Related to Information Exchange	Specific Information Exchanged	Outcome
22 October 2019 [25]	The Hong Kong Association of the Pharmaceutical Industry (“HKAPI”)	Pharmaceutical	The HKAPI proposed to conduct a survey ("Proposed Survey") to collect sales data from pharmaceutical companies on their prescription and over-the-counter pharmaceutical products in Hong Kong and Macau	Sales data of companies engaged in pharmaceutical research/development, including product level sales data and product-specific sales data	Decision issued. The Proposed Survey is not excluded from the First Conduct Rule by the economic efficiency exclusion

 
(4)   Infringement Notices
 

Date of issue	Infringement Notice	Recipients	Sector	Conduct Related to Information Exchange	Specific Information Exchanged	Outcome
10 January 2020 [26]	Infringement Notice issued to Nintex Proprietary Limited (“Nintex”) in respect of anti-competitive conduct in a bidding exercise	Nintex	Information Technology	Price fixing by way of exchange of competitively sensitive information in relation to intended quotations in a bidding exercise for IT services	Future pricing information in the bidding exercise	Nintex made a commitment to comply with the requirements of the Infringement Notice and strengthen its competition compliance programme
17 February 2021 [27]	Infringement Notices issued to six hotel groups and a tour counter operator for facilitating a price-fixing cartel	(1)China Asia Property Limited; (2)Harilela Hotels Limited; (3)Holiday Inns Crowne Plaza (Hong Kong) Inc.; (4)Imperial Tours Limited; (5)Hotel Panorama Company Limited; (6)The Hongkong Hotel Limited, The Marco Polo Hotel (Hong Kong) Limited, The Prince Hotel Limited and Wharf Hotels Management Limited; (7)Royal Plaza Hotel Management Limited, Leverson Limited and Royal Park Hotel Management Limited	Travel and Tourism	Facilitating a price-fixing cartel between two competing travel service providers	Pricing information for tourist attraction and transportation tickets passed between competitors	Recipients admitted contravention of the First Conduct Rule and committed to  take concrete measures to effectively enhance competition compliance within their respective businesses

 
(D) Observations: What Do the Competition Commission’s Enforcement Actions Reveal?
 
The above enforcement actions show the Commission’s commitment to tackling the exchange of CSI. Such conduct is a serious contravention of the First Conduct Rule and the consequences for both companies and individuals involved are severe.
 
What are the Consequences of Contravention?
 
When the Competition Tribunal (the "Tribunal") finds that an undertaking has contravened the First Conduct Rule by exchanging commercially sensitive information, it may impose significant penalties:

(1) For Undertakings (Companies): The Tribunal may impose a pecuniary penalty of up to 10% of the undertaking’s annual turnover in Hong Kong for each contravention, for a maximum period of three years (under Section 93 of the Ordinance [28]).

(2) For Individuals: The Tribunal may impose pecuniary penalties and/or make a disqualification order, prohibiting a person from being a director or being involved in the management of a company for a period of up to 5 years (under Section 101 of the Ordinance [29]).
 
Most importantly, liability attaches to both the discloser and the recipient of CSI. A company that passively receives such information and fails to reject it may be found to have participated in the contravention.
 
Companies and individuals found to have contravened, or been involved in a contravention of the Ordinance may also be subject to “follow-on” claims for damages by victims of the contravention.
 
How Has the Commission’s Enforcement Approach Evolved?
 
The above cases reveal three main trends in the Commission’s enforcement approach:

(1) From Reactive to Proactive: The Commission actively initiates investigation based on its own detailed study and analysis of evidence, rather than solely on complaints.

(2) Expanding Scope and Scale: The geographical reach, number of projects and contract values has expanded significantly across the operations.

(3) Multi-Agency Cooperation: The joint operations with the Hong Kong Police and the ICAC indicate a sophisticated and multi-agency approach to tackling conduct that may involve both anti-competitive practices and criminal elements (in particular, bribery).
 
(E)  Key Takeaways: Practical Guidelines for Companies and Trade Associations
 
In light of the Commission's increasingly proactive enforcement approach, companies and trade associations must actively ensure their compliance programmes remain up to date. The following practical guidance helps them navigate the dual risks of sharing and receiving CSI.
 
(1) Before Sharing or Receiving Information: The “3W” Test
 
Before exchanging any information with a competitor or through an industry association, pause and ask yourself the “3W”:
 
(a) What is the purpose of this exchange? Is it for a legitimate or pro-competitive reason (for example, industry-wide efficiency)? Or does it appear to reduce uncertainty about future competitive behaviour?

(b) Will this exchange affect competition? Will the information relate to price, costs or strategic plans?

(c) Will this exchange harm customers? Will the information allow competitors to coordinate their behaviour, leading to higher prices or fewer choices for consumers?
 
If the answer to any of these questions is in the affirmative, the exchange is highly problematic and should be avoided.
 
(2) After Receiving Information: The “3R” Action Plan
 
If your company receives unsolicited CSI from a competitor, act immediately. Silence may be interpreted as acceptance of the information and could lead to liability.
 
(a) Reject: Clearly and unequivocally reject the information. State in writing that you do not wish to receive such information and will not use it in your commercial decisions.

(b) Record: Maintain a clear record of the date, time, nature of the communication and your rejection of it.

(c) Report: Immediately inform your legal department or external legal counsel to assess the situation and determine next steps.
 
(3) If You Suspect a Contravention: The “2C” Action Plan
 
If you suspect that your company or its employees may have been involved in an unlawful information exchange:

(a) Consult: Immediately inform your legal department or external legal counsel to assess the situation.

(b) Consider Leniency or Cooperation: The Commission’s Leniency Policy offers immunity from proceedings to the first cartel member (company and individual) that comes forward and meets all requirements. Employees and officers of an undertaking that obtains leniency will also be protected from proceedings if they cooperate with the Commission in its investigation. Cartel members not eligible for leniency under the leniency policies may also cooperate with the Commission in exchange for a discount of up to 50% off the pecuniary penalty the Commission would otherwise recommend to the Tribunal. [30]
 
(4) Trade Associations to Prevent CSI Exchange in Meetings: The “4C” Framework

 
To ensure that CSI is not shared in meetings, trade associations should adopt the following framework:

(a) Clear Guidelines: Remind members before and during meeting not to discuss or share CSI. Distribute clear written policies.

(b) Craft Agenda Carefully: Agenda items should never invite or encourage the exchange of CSI.

(c) Control Discussion: Discussion of any item, on or off the agenda, must not lead to the exchange of CSI.

(d) Capture Record: Take minutes and note any deviation from the agenda. Record the meeting attendance, including early departure of members.
 

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[1] https://www.compcomm.hk/en/media/press/files/information_exchange_PR_EN.pdf

[2] "Commercially sensitive information" and "competitively sensitive information" are used interchangeably and refer to the same concept under the Competition Ordinance.

[3] https://www.compcomm.hk/en/media/reports_publications/files/Information_Exchange_Brochure_2025_EN.pdf

[4] https://sme.compcomm.hk/en/rules/can-i-share-information-with-my-competitors

[5] https://www.compcomm.hk/en/media/press/files/PR_joint_operation_1127_EN.pdf

[6] https://www.compcomm.hk/en/media/press/files/Whitewhale_PR_EN.pdf

[7] https://www.compcomm.hk/en/media/press/files/Fishmarket2023_PR_EN.pdf

[8] https://www.compcomm.hk/en/media/press/files/PR_Joint_operation_AUG_EN.pdf

[9] https://www.compcomm.hk/en/media/press/files/subsidy_search_PR_EN.pdf

[10] https://www.compcomm.hk/en/media/press/files/Swimming_pool_PR_EN.pdf

[11] https://www.compcomm.hk/en/media/press/files/building_maintenance_search_PR_EN.pdf

[12] https://www.compcomm.hk/en/media/press/files/Janus_PR_EN.pdf

[13] https://www.compcomm.hk/en/media/press/files/Hunter_PR_EN.pdf

[14] https://www.compcomm.hk/en/media/press/files/20200122_ENG_PR_Competition_Commission_takes_IT_cartel_conduct_case_to_Competition_Tribunal.pdf

[15] https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=131652

[16] https://www.compcomm.hk/en/media/press/files/Inserter_Cartel_PR_EN.PDF

[17] https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=153199

[18] https://www.compcomm.hk/en/media/press/files/PR_Cleansing_Service_Cartel_EN.pdf

[19] https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=166370

[20] https://www.compcomm.hk/en/media/press/files/PR_Travel_Services_Sector_Cartel_EN.pdf

[21] https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=153198

[22] https://www.compcomm.hk/en/media/press/files/Subsidy_PR_EN.pdf

[23] https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=161668

[24] https://www.compcomm.hk/en/media/press/files/Estate_Agencies_PR_EN.pdf

[25] https://www.compcomm.hk/en/media/press/files/20191022_Competition_Commission_publishes_Decision_in_relation_to_a_proposed_pharmaceutical_sales_survey_eng.pdf

[26] https://www.compcomm.hk/en/enforcement/registers/infringement_notices/files/Infringement_Notice_Eng_20200110.pdf

[27] https://www.compcomm.hk/en/media/press/files/EN_PR_Infringement_Notices_Tourist_Attraction_Tickets.pdf

[28] https://www.elegislation.gov.hk/hk/cap619?xpid=ID_1438403536780_004

[29] https://www.elegislation.gov.hk/hk/cap619?xpid=ID_1438403536874_003

[30] https://sme.compcomm.hk/en/rules/what-to-do-if-you-or-your-company-has-breached-competition-law