Sun Yee On, which reportedly has computerised its membership records, is billed as the most organised and influential. Its chapters are said to have dominated areas such as Tsim Sha Tsui, Lan Kwai Fong and Tuen Mun. Eighty per cent of the entertainment establishments in Tsim Sha Tsui are said to be under the protection of the gang.

More disturbingly, the publication also accuses the Chinese security authorities of having entered into business ventures with the triads in return for their promises to refrain from causing trouble during the transition.

Next claims that Chinese law enforcers have struck a deal with the Sun Yee On gang. The public security forces are said to have assured the group that they would not seek to wipe out their leadership, should the gang promise to restrain its illegal activities.

Sun Yee On 'dragon heads' have reportedly convinced Chinese law enforcers that chaos would erupt if their gang fell apart.

The Chinese authorities have not responded to the report. In contrast, the local branch of Xinhua (the New China News Agency) was swift to deny suggestions last Friday that China had exerted pressure to scupper Next Media's floatation plans.

As far as triad-related accusations are concerned, the Chinese representatives appear happy to keep their mouths closed. Triads, or 'black societies', can be traced to the late 18th century in southeast China.

Based on sworn brotherhood they were built on kinship, native-places, and contractor-worker bonds among male sojourners. Such triad fraternities, which have a tradition of secret lore and initiation rituals, have long dominated the underworld of Chinese communities.

Beijing officials seem to have accepted the triads as a force to be reckoned with for a long time. Even Chinese leader, the late Deng Xiaoping , had sought to appease them.

At a reception for a delegation of Hong Kong business figures on June 22, 1984, Deng told his guests: 'Hong Kong black societies are very powerful. They are even more powerful than their counterparts elsewhere. Of course, not all black societies are dark. There are many good guys among them.' In his forthcoming Deconstructing Quotations from Deng Xiaoping, China-watcher Nam Kui-hung explains that Deng made the remarks on purpose. Xinhua officials were said to have approached various triad branches during the second phase of the Sino-British negotiations on the future of Hong Kong. The agency had been given feedback that the gangs were behind China's move to resume sovereignty over the territory.

In his report covering the first half of last year, Police Commissioner Eddie Hui Ki-on was proud to announce that the number of crimes recorded had dropped by 9.7 per cent to 41,151. 'Particularly heartening was the drop in the number of robberies involving genuine firearms and pistol-like objects by 57.6 per cent,' he noted. 'Theft of vehicles dropped by 38.3 per cent compared with last year.' However, it is now questionable whether this is genuine police achievement, or the result of a covert collaboration between Chinese security authorities and triad gangs.

The commissioner went on to stress that: 'During the first six months of the year action against organised criminal groups and triads continued to be accorded a high priority. A notable development was the arrest of nine persons involved in a major loan-sharking syndicate with some 50 charges preferred against syndicate members.

'The inexorable attrition of triad society members continued, with four major intelligence-based operations producing 47 arrests in the first half of the year. Persons arrested were in the main members of the Sun Yee On, 14K, Wo Shing Wo, Kwong Luen Shing and Wo Hop To triad societies.' Every raid on triads ought to be applauded. It remains, however, inconceivable how the arrests of scores of loan-sharks and extortionists could be described by Mr Hui as an 'inexorable attrition of triad society members'.

Until the police can deny that the four better-known triad gangs are in command of about 120,000 followers, officers should resist blowing their own trumpet.

Mr Hui and his deputies have been harping on the theme that Hong Kong is among the safest cities in the world. Yet, this might well be attributed to reasons beyond the competence of the police force.

Through under-the-table deals, invisible hands from the north might well be working with the local underworld to keep things under control - right under the nose of our proud police.