Shui Fong originated from a workers' union of the legacy Hong Kong soft drink company, Connaught Aerated Water Company (Chinese: 安樂汽水房), in Sham Shui Po in the 1930s.

It was allegedly involved in a fight for casinos in Macau during the 1990s. They were involved in a high-profile gang war with perennial rivals the 14K, led in Macau by 'Broken Tooth Koi' during this period.

In Hong Kong in 2009, the group elected as leaders 'Fei Wai' and 'Sam Chuen'. However, when the pair refused to stand down in 2011, a series of violent and very public confrontations ensued between their supporters and those of two rivals - known as 'Chi Fung' and 'Dai Ma', lasting into 2013.

On 15 January 2010, a 15-year-old boy was killed during a clash between 14K Triad and Shui Fong members at Lower Wong Tai Sin Estate. Fifteen people were arrested in connection with the boy's murder, aged 15 to 22. The victim died after being punched, kicked, and hit by glass bottles.