Police said they have arrested three men on Saturday in a crackdown on alleged drug trafficking.
Officers said the narcotics were hidden under the water off the coast in Tsing Yi.
Superintendent Kwan Chun-hin from the Narcotics Bureau said officers seized 69 kilograms of suspected cocaine in the operation, with an estimated street value of HK$42 million.
“This is the first time we found drug trafficking syndicates store drugs under near-shore waters and hire divers to retrieve the drugs,” he said.
“Obviously, the syndicates aimed to hide the drugs and increase the difficulty of our investigation.”
Kwan said the three men, aged between 26 and 44, will be charged with trafficking in dangerous drugs and resisting arrest.
They will appear at the West Kowloon Magistrates' Courts on Monday.
Police are also on the hunt for two other men in connection with the case.