Police seized 400 litres of suspected solution-form cocaine and arrested four men on a fish raft in Sai Kung early this morning.

Investigations suggest that by successfully converting the 400-litre solution into powder-form cocaine, a total of 20 kilograms, valued at about $4 million, could be made available for sale. It was estimated that a profit of $12 million could be made it it was sold on the market. 

Four men - three Hong Kong citizens and one South American, aged 41 to 46 - were arrested. Initial investigations indicate that the cocaine was smuggled into Hong Kong from South America. 

Police said this is the first time such a large quantity of cocaine was found in solution form. It is an individual case and there is no sign that Hong Kong would have been a drug manufacturing centre.

The raid started early this morning at Yung Shue O where Police seized seven buckets containing about 400 litres of a brownish solution suspected to be containing cocaine from a fish raft.

Police also discovered other chemicals, mainly hydrochloric acid, ammonic and acetone, which are suspected to have been used for the conversion of the solution containing cocaine into powder-form cocaine.

All the arrested men are being detained for enquiries.