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This note examines Hong Kong''s deregulated telecommunications industry from both industry and public policy points of view in March 2005. In recent years, the industry had been viewed as a model of deregulation and free enterprise, offering high quality service to consumers at a low price. However, the industry conditions were exceedingly challenging for the operators. Cut-throat competition had resulted in low margins and a high degree of fragmentation. The operators faced new challenges in the form of disruptive technology, new market opportunities in mainland China and the possibility of new competition at home. This note allows students to examine the determinants of industry structure, the goals and mechanisms of industry regulation, and market and non-market strategies that firms may use to respond to market conditions. There is a Simplified Chinese version available ''9B05MC44''.