Mainly formed by U23 local players, the team once competed in the Hong Kong Premier League.

Following the withdrawals of Pegasus and Happy Valley from the 2021–22 HKPL season, the Hong Kong Football Association announced in August 2021 that a new HKPL team mainly formed by U23 local players will be established.

Meanwhile, the number of overaged players is restricted to five for the team, with no more than three on the pitch during matches.

[5] Starting from the 2023–24 season, the number of overaged players allowed to play on the pitch during matches is changed from three to five.

[6] Note: 1st or Champions 2nd or Runner-up 3rd place Promotion Relegation