Hong Kong’s very liberal telecommunications sector has seen the licensing of a large number of operators in a variety of market categories. The licensing process has started to stabilise as both the local and international telecoms markets sort themselves out. The regulator, the Office of the Telecommunications Authority (OFTA), has worked particularly hard to achieve a fully liberalised FTNS market for Hong Kong, with the final step in this process judged to have been taken in January 2003. This report provides an overview of the main players in the Hong Kong market.