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well it depends (as far as i know)

cigarettes, alcohol and drugs are illegal

for others, it depends on how much space you occupy.

if only a man or two are standing and giving out things, it's ok.

however, if you place a table or chair or similar stuff you may need a permit.

also, if your stuff contains some sort of political element (those anti-government or democracy stuff), you may be prosecuted.

besides, the prosecutors of the Food and Environmental Hygienic Department in HK especially like to prosecute elderly

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Q: Is it legal to hand out free merchandise in the streets in Hong Kong - Do you need a permit?
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