The University of Hong Kong (HKU) seeks to be a pre-eminent international university in Asia through outstanding teaching and world-class research. It aims to produce well-rounded graduates with lifelong learning abilities and leadership skills. HKU has over 400 international academic partnerships and hosts over 3,300 international students. It is committed to cultivating internationalism and mobility. HKU leads Hong Kong universities in securing competitive research funding and publishing in high-impact journals. It plays a key role in international research collaborations to tackle issues like infectious diseases.

1. THE UNIVERSITY OF HONG KONG
2009
The REVIEW

2. Vision
The University of Hong Kong, as a pre-eminent international university in Asia, seeks
to sustain and enhance its excellence as an institution of higher learning through
outstanding teaching and world-class research so as to produce well-rounded
graduates with lifelong abilities to provide leadership within the societies they serve.
Mission
The University of Hong Kong will endeavour:
To advance constantly the bounds of scholarship, building upon its proud traditions
and strengths;
To provide a comprehensive education, developing fully the intellectual and personal
strengths of its students while developing and extending lifelong learning opportunities
for the community;
To produce graduates of distinction committed to lifelong learning, integrity and
professionalism, capable of being responsive leaders and communicators in their fields;
To develop a collegial, flexible, pluralistic and supportive intellectual environment that
inspires and attracts, retains and nurtures scholars, students and staff of the highest
calibre in a culture that fosters creativity, learning and freedom of thought, enquiry and
expression;
To provide a safe and healthy workplace to support and advance teaching, learning
and research at the University;
To engage in innovative, high-impact and leading-edge research within and across
disciplines;
To be fully accountable for the effective management of public and private resources
bestowed upon the institution and act in partnership with the community over the
generation, dissemination and application of knowledge;
To serve as a focal point of intellectual and academic endeavour in Hong Kong, China
and Asia and act as a gateway and forum for scholarship with the rest of the world.
2-3
The Vice-Chancellor's Message
4-17
The Web of Learning
18-33
Engaging Across Boundaries
34-47
Connecting with the Wider Community
48-49
Facts and Figures at a Glance
50-55
The University Profile
56-58
An Extract from the University's Annual Accounts 2008-09
59
Officers of the University
60
The Council
Contents
THE UNIVERSITY OF HONG KONG
The Review-2009

3. TheUniversityofHongKongTheReview-2009
004The Vice-Chancellor's Message
TheVice-Chancellor'sMessage
To provide a comprehensive education, developing fully the intellectual and personal strengths of its
students while developing and extending lifelong learning opportunities for the community
The Vice-Chancellor's
Message
The University of Hong Kong is the
territory's oldest university, and with
a history that stretches back more
than 90 years, it has grown with and
helped shape the city from which it
takes its name.
Outstanding
leadership qualities
Today, HKU, as it is fondly called, is a
dynamic, comprehensive, university
of world-class standing. With ten
Faculties and numerous research
centres, its reputation as a centre of
intellectual excellence is recognised
around the world. We will continue
to build on our strengths with
innovative research and teaching,
producing well-rounded graduates
with outstanding leadership qualities.
To some, HKU is a conceptual
space where ideas are nurtured
and dreams take flight. It is a family
of communities within a larger
community. It is also a physical
landscape that both celebrates our
history and stands as a gateway to
the future. In the end, a university is
so many things to so many people.
I hope that http://www.hku.hk will
help you get to know and find your
way around the first and foremost
University of Hong Kong. The
Faculties of Engineering and Arts
were established within a year of
the official opening. In December
1916, the University held its first
congregation, with just 23 graduates.
it was ten years after the foundin
Governor of Hong Kong
The University of Hong Kong (or HKU,
as it is familiarly known to students,
staff and alumni) is the oldest tertiary
education institution in Hong Kong.
On March 16, 1910, Sir Frederick
Lugard, the then Governor of Hong
Kong, laid the foundation stone for
the University, signifying the birth of
Hong Kong's first tertiary institution.
On March 11, 1912, the University
launched its official opening with its
founding Faculty of Medicine which
had evolved from the Hong Kong
College of Medicine, founded in
1887. Of the College's early alumni,
the most renowned was Dr Sun Yat-
we're here
helping prepare tomorrow's leader

4. TheUniversityofHongKongTheReview-2009
0
HKU has been taking an active role in strategic international alliances with
universities and research institutions worldwide. It has academic links with more
than 400 overseas universities and plays host to over 3,300 international students.
The University is committed to cultivating internationalism on campus and to
supporting staff and student mobility projects and international programmes at
all levels.
The University is a founding member of Universitas 21, a network of
comprehensive research intensive universities covering all corners of the globe.
One of the main objectives of Universitas 21 is to assist in the aspiration of
its members to become global universities and to advance their plans for
internationalisation.
The HKU Worldwide Undergraduate Student Exchange Programme, established
in 1997, enables over ten per cent of our undergraduate student population
to undertake exchange at institutions overseas or in Mainland China. Its close
links with 150 partner institutions in 25 countries worldwide serves to enhance
students' global perspective and foster cross-cultural understanding among
students of participating institutions.
While the University is fostering the concept of a worldwide classroom, the
academic collaboration and bonding with the universities in the Mainland remain
close. The HKU Worldwide China Programme has actively involved students
to participate in different academic and internship programmes with the most
prestigious universities and corporations in Mainland China to develop cross-
disciplinary skills. The key universities that the University closely works with
include Tsinghua University, Peking University, Fudan University, Shanghai Jiao
Tong University, Zhejiang University, Nanjing University, Xiamen University and Sun
Yat-sen University, on undergraduate student exchange and joint postgraduate
programmes. The first batch of undergraduates admitted to the University on a
06
TheWebofLearning
Teaching The Web of Learning
we're here
developing students intellectual capabilities and
professional skills.
The Web of Learning
Teaching

5. TheUniversityofHongKongTheReview-2009
0
HKU has been taking an active role in
strategic international alliances with
universities and research institutions
worldwide. It has academic links
with more than 400 overseas
universities and plays host to over
3,300 international students. The
University is committed to cultivating
internationalism on campus and
to supporting staff and student
mobility projects and international
programmes at all levels.
Universities covering
all corners
The University is a founding member
of Universitas 21, a network of
comprehensive research intensive
universities covering all corners of the
globe. One of the main objectives
of Universitas 21 is to assist in the
08Teaching The Web of Learning
HKU has many on-going research connections with institutions and
universities around the world. One of the most notable international
collaborative efforts is the HKU-Pasteur Research Centre. Established
in 1999, the Centre combines the interests of both the University and
the Institut Pasteur in battling infectious diseases. HKU also signed
a memorandum of understanding in the summer of 2002 to set up a
twin research centre with the Aaron Diamond AIDS Research Centre in
New York. In January 2003.
Professor
Amy B.M. Tsui
The University is a founding member of
Universitas 21, a network of comprehensive
research intensive universities covering
all corners of the globe. One of the main
objectives of Universitas 21 is to assist in the
aspiration of its members to become global
universities and to advance their plans for
internationalisation.
Focus on Content
Taking a Lesson to Heart
A Culture Education
An International Perspective
Intense Learning Outside the Classroom
Asian Youth Climate Summit
Raising Awareness About Africa
A Choice Destination for Top Mainland Students
aspiration of its members to become
global universities and to advance
their plans for internationalisation.
The HKU Worldwide Undergraduate
Student Exchange Programme,
established in 1997, enables over ten
per cent of our undergraduate student
population to undertake exchange at
institutions overseas or in Mainland
China. Its close links with 150 partner
institutions in 25 countries worldwide
serves to enhance students' global
perspective and foster cross-cultural
understanding among students of
participating institutions. While the
University is fostering the concept of
a worldwide classroom, the academic
collaboration and bonding with the
universities in the Mainland remain
close. The HKU Worldwide China
Programme has actively involved
students to participate in different
academic and internship programmes
with the most prestigious universities
and corporations in Mainland China
to develop cross-disciplinary skills. The
key universities that the University
closely works with include Tsinghua
University, Peking University, Fudan
University, Shanghai Jiao Tong
University, Zhejiang University, Nanjing
University, Xiamen University and Sun
Yat-sen University, on undergraduate
student exchange and joint
postgraduate programmes. The first
batch of undergraduates admitted
to the University on a scholarship
scheme graduated in 2002.
HKU has many
on-going research
Original scheme for the admission
Following a new Hong Kong
government policy, the University
expanded since 2002 its original
scheme for the admission of
undergraduates from the Mainland
with Scholarships to cover
students who are not supported by
scholarships. For the year 2008-2009,
the university admitted 265 fee-
paying mainland students from the
12,011s.
Connections with institutions and
universities around the world. One
of the most notable international
collaborative efforts is the HKU-
Pasteur Research Centre. Established
in 1999, the Centre combines the
interests of both the University
and the Institut Pasteur in battling
infectious diseases. HKU also signed
a memorandum of understanding
in the summer of 2002 to set up a
twin research centre with the Aaron
Diamond AIDS Research Centre in
New York. In January 2003,
the first ever human Genome
Research Centre was established in
Hong Kong together with the Hospital
for Sick Children (HSC) of Toronto (an
affiliation of the University of Toronto,
Canada). The University currently
offers joint master programmes in
mainland China in collaboration with
prominent universities in Shanghai,
Shenzhen, and Chongqing. These
joint programmes include master
degrees in business administration.
The World Trade Organisation
(WTO) recognises HKU as a leading
tertiary education institution in Asia.
In 2004, HKU was selected as the
official WTO training centre for the
TheWebofLearning

6. TheUniversityofHongKongTheReview-2009
011
Quality and utility underscore our efforts and this has been recognised in several ways. Our staff have published in many
respected, high-impact and peer-reviewed international journals and received high honours both in mainland China and
overseas.
Our research excellence has again enabled us to assume the position of the most successful university in Hong Kong in terms
of securing competitive research funding from the Research Grants Council (RGC). In 2008 the University was awarded
HK$148 million, which accounts for 29% of the total funding allocated to all eight local universities. The University has
received a total of HK$1,412 million from RGC Competitive Earmarked Research Grant since 1991, more than any other
tertiary institution in the territory.
The research output of the University's academic staff is substantial. About 6,700 items of research output were published
during 2006-07; many of them in international journals, and over 70% were refereed.
HKU has been taking an active role in strategic international alliances with universities and research institutions worldwide.
It has academic links with more than 400 overseas universities and plays host to over 3,300 international students. The
University is committed to cultivating internationalism on campus and to supporting staff and student mobility projects and
international programmes at all levels.
The University is a founding member of Universitas 21, a network of comprehensive research intensive universities covering
all corners of the globe. One of the main objectives of Universitas 21 is to assist in the aspiration of its members to become
global universities and to advance their plans for internationalisation.
010Research Engaging Across Boundaries
EngagingAcrossBoundaries
Engaging Across
Boundaries
Research
we're here
researching the power to improve people's lives
and open new knowledge horizons

7. TheUniversityofHongKongTheReview-2009
013
Quality and utility underscore our
efforts and this has been recognised
in several ways. Our staff have
published in many respected,
high-impact and peer-reviewed
international journals and received
high honours both in mainland China
and overseas.
Our research excellence has again
enabled us to assume the position of
the most successful university in Hong
Kong in terms of securing competitive
research funding from the Research
Grants Council (RGC). In 2008 the
012Research Engaging Across Boundaries
EngagingAcrossBoundaries
HKU has been taking an active role in
strategic international alliances with
universities and research institutions
worldwide. It has academic links
with more than 400 overseas
universities and plays host to over
3,300 international students. The
University is committed to cultivating
internationalism on campus and
to supporting staff and student
mobility projects and international
programmes at all levels.
The University is a founding member
of Universitas 21, a network of
comprehensive research intensive
universities covering all corners of the
globe. One of the main objectives
of Universitas 21 is to assist in the
aspiration of its members to become
global universities and to advance
their plans for internationalisation.
The HKU Worldwide Undergraduate
Student Exchange Programme,
established in 1997, enables over ten
per cent of our undergraduate student
population to undertake exchange at
institutions overseas or in Mainland
China. Its close links with 150 partner
Dr
Lynne DiStefano
The University is a founding member of Universitas
21, a network of comprehensive research intensive
universities covering all corners of the globe. One of
the main objectives of Universitas 21 is to assist in the
aspiration of its members to become global universities
and to advance their plans for internationalisation.
Focus on Content
Taking a Lesson to Heart
A Culture Education
An International Perspective
Intense Learning Outside the Classroom
Asian Youth Climate Summit
Raising Awareness About Africa
A Choice Destination for Top Mainland Students
institutions in 25 countries worldwide
serves to enhance students' global
perspective and foster cross-cultural
understanding among students of
participating institutions.
Why H5N1 is so
Deadly
While the University is fostering the
concept of a worldwide classroom,
the academic collaboration and
bonding with the universities in
the Mainland remain close. The
HKU Worldwide China Programme
has actively involved students to
participate in different academic
and internship programmes with
the most prestigious universities and
corporations in Mainland China to
develop cross-disciplinary skills. The
key universities that the University
closely works with include Tsinghua
University, Peking University, Fudan
University, Shanghai Jiao Tong
University, Zhejiang University, Nanjing
University, Xiamen University and Sun
Yat-sen University, on undergraduate
student exchange and joint
postgraduate programmes. The first
batch of undergraduates admitted
to the University on a scholarship
scheme graduated in 2002.
Following a new Hong Kong
government policy, the University
expanded since 2002 its original
scheme for the admission of
University was awarded HK$148
million, which accounts for 29% of
the total funding allocated to all eight
local universities. The University has
received a total of HK$1,412 million
from RGC Competitive Earmarked
Research Grant since 1991, more
than any other tertiary institution in
the territory.
The research output of the University's
academic staff is substantial. About
6,700 items of research output were
published during 2006-07; many of
them in international journals, and
over 70% were refereed.
HKU has been taking an active role in
strategic international alliances with
universities and research institutions
worldwide. It has academic links
with more than 400 overseas
universities and plays host to over
3,300 international students. The
University is committed to cultivating
internationalism on campus and
to supporting staff and student
mobility projects and international
programmes at all levels.
The University is a founding member
of Universitas 21, a network of

8. TheUniversityofHongKongTheReview-2009
015014Research Engaging Across Boundaries
EngagingAcrossBoundaries
Quality and utility underscore our
efforts and this has been recognised
in several ways. Our staff have
published in many respected,
high-impact and peer-reviewed
international journals and received
high honours both in mainland China
and overseas.
Our research excellence has again
enabled us to assume the position of
the most successful university in Hong
Kong in terms of securing competitive
research funding from the Research
Grants Council (RGC). In 2008 the
University was awarded HK$148
million, which accounts for 29% of
the total funding allocated to all eight
local universities. The University has
received a total of HK$1,412 million
from RGC Competitive Earmarked
Research Grant since 1991, more
than any other tertiary institution in
the territory.
The research output of the University's
academic staff is substantial. About
6,700 items of research output were
published during 2006-07; many of
them in international journals, and
over 70% were refereed.
HKU has been taking an active role in
strategic international alliances with
universities and research institutions
worldwide. It has academic links
with more than 400 overseas
universities and plays host to over
3,300 international students. The
University is committed to cultivating
internationalism on campus and
to supporting staff and student
mobility projects and international
programmes at all levels.
The University is a founding member
of Universitas 21, a network of
comprehensive research intensive
universities covering all corners of the
globe. One of the main objectives
of Universitas 21 is to assist in the
aspiration of its members to become
global universities and to advance
their plans for internationalisation.
Finding New Links
between Diet and
Cancer
The HKU Worldwide Undergraduate
Student Exchange Programme,
established in 1997, enables over ten
per cent of our undergraduate student
population to undertake exchange at
institutions overseas or in Mainland
China. Its close links with 150 partner
institutions in 25 countries worldwide
serves to enhance students' global
perspective and foster cross-cultural
understanding among students of
participating institutions.
While the University is fostering the
concept of a worldwide classroom,
the academic collaboration and
bonding with the universities in
the Mainland remain close. The
HKU Worldwide China Programme
has actively involved students to
participate in different academic
and internship programmes with
the most prestigious universities and
corporations in Mainland China to
develop cross-disciplinary skills. The
key universities that the University
closely works with include Tsinghua
University, Peking University, Fudan
University, Shanghai Jiao Tong
University, Zhejiang University, Nanjing
University, Xiamen University and Sun
Yat-sen University, on undergraduate
student exchange and joint
postgraduate programmes. The first
batch of undergraduates admitted
to the University on a scholarship
scheme graduated in 2002.
Following a new Hong Kong
government policy, the University
expanded since 2002 its original
scheme for the admission of
undergraduates from the Mainland
with Scholarships to cover
students who are not supported by
scholarships. For the year 2008-2009,
the university admitted 265 fee-
paying mainland students from the
12,011 who applied. HKU is the
most popular Hong Kong university
choice of mainland students and its
popularity among mainland applicants
received positive media coverage in
the recent years.
The University currently offers joint
master programmes in mainland
China in collaboration with prominent
universities in Shanghai, Shenzhen,
and Chongqing. These joint
programmes include master degrees
in business administration, social
work, social service management,
real estate, construction project
management and finance.
Climate Change and
War
HKU has many on-going research
connections with institutions and
universities around the world. One
of the most notable international
collaborative efforts is the HKU-
Pasteur Research Centre. Established
in 1999, the Centre combines the
interests of both the University
and the Institut Pasteur in battling
infectious diseases. HKU also signed
a memorandum of understanding
in the summer of 2002 to set up a
twin research centre with the Aaron

9. TheUniversityofHongKongTheReview-2009
017
Quality and utility underscore our efforts and this has been recognised in several ways. Our staff have published in many
respected, high-impact and peer-reviewed international journals and received high honours both in mainland China and
overseas.
Our research excellence has again enabled us to assume the position of the most successful university in Hong Kong in terms
of securing competitive research funding from the Research Grants Council (RGC). In 2008 the University was awarded
HK$148 million, which accounts for 29% of the total funding allocated to all eight local universities. The University has
received a total of HK$1,412 million from RGC Competitive Earmarked Research Grant since 1991, more than any other
tertiary institution in the territory.
The research output of the University's academic staff is substantial. About 6,700 items of research output were published
during 2006-07; many of them in international journals, and over 70% were refereed.
HKU has been taking an active role in strategic international alliances with universities and research institutions worldwide.
It has academic links with more than 400 overseas universities and plays host to over 3,300 international students. The
University is committed to cultivating internationalism on campus and to supporting staff and student mobility projects and
international programmes at all levels.
The University is a founding member of Universitas 21, a network of comprehensive research intensive universities covering
all corners of the globe. One of the main objectives of Universitas 21 is to assist in the aspiration of its members to become
global universities and to advance their plans for internationalisation.
016Community Connecting with the wider Community
ConnectingwiththeWiderCommunity
Connecting with the
Wider Community
Community
we're here
providing medical and dental help to those in need,
offer social services to the elderly and
troubled teens.

10. TheUniversityofHongKongTheReview-2009
019018Community Connecting with the wider Community
ConnectingwiththeWiderCommunity
Quality and utility underscore our
efforts and this has been recognised
in several ways. Our staff have
published in many respected,
high-impact and peer-reviewed
international journals and received
high honours both in mainland China
and overseas.
Our research excellence has again
enabled us to assume the position of
the most successful university in Hong
Kong in terms of securing competitive
research funding from the Research
Grants Council (RGC). In 2008 the
Professor
Chow Shew-Ping
The University is a founding member of Universitas
21, a network of comprehensive research intensive
universities covering all corners of the globe. One of
the main objectives of Universitas 21 is to assist in the
aspiration of its members to become global universities
and to advance their plans for internationalisation.
University was awarded HK$148
million, which accounts for 29% of
the total funding allocated to all eight
local universities. The University has
received a total of HK$1,412 million
from RGC Competitive Earmarked
Research Grant since 1991, more
than any other tertiary institution in
the territory.
The research output of the University's
academic staff is substantial. About
6,700 items of research output were
published during 2006-07; many of
them in international journals, and
over 70% were refereed.
A Natural Habitat for
New Green Centre
HKU has been taking an active role in
strategic international alliances with
universities and research institutions
worldwide. It has academic links
with more than 400 overseas
universities and plays host to over
3,300 international students. The
University is committed to cultivating
internationalism on campus and
to supporting staff and student
mobility projects and international
programmes at all levels.
HKU has been taking an active role in
strategic international alliances with
universities and research institutions
worldwide. It has academic links
with more than 400 overseas
universities and plays host to over
3,300 international students. The
University is committed to cultivating
internationalism on campus and
to supporting staff and student
mobility projects and international
programmes at all levels.
The University is a founding member
of Universitas 21, a network of
comprehensive research intensive
universities covering all corners of the
globe. One of the main objectives
of Universitas 21 is to assist in the
aspiration of its members to become
global universities and to advance
their plans for internationalisation.
The HKU Worldwide Undergraduate
Student Exchange Programme,
established in 1997, enables over ten
per cent of our undergraduate student
population to undertake exchange at
institutions overseas or in Mainland
China. Its close links with 150 partner
institutions in 25 countries worldwide
serves to enhance students' global
perspective and foster cross-cultural
understanding among students of
participating institutions.
Supporting the First
in Family
While the University is fostering the
concept of a worldwide classroom,
the academic collaboration and
bonding with the universities in
the Mainland remain close. The
HKU Worldwide China Programme
has actively involved students to
participate in different academic
and internship programmes with
the most prestigious universities and
corporations in Mainland China to
develop cross-disciplinary skills. The
key universities that the University
closely works with include Tsinghua
University, Peking University, Fudan
University, Shanghai Jiao Tong
University, Zhejiang University, Nanjing
University, Xiamen University and Sun
Yat-sen University, on undergraduate
student exchange and joint
postgraduate programmes. The first
batch of undergraduates admitted
to the University on a scholarship
scheme graduated in 2002.
Following a new Hong Kong
government policy, the University
expanded since 2002 its original
scheme for the admission of
undergraduates from the Mainland
with Scholarships to cover
students who are not supported by
scholarships. For the year 2008-2009,
the university admitted 265 fee-
paying mainland students from the
12,011 who applied. HKU is the
most popular Hong Kong university
choice of mainland students and its
popularity among mainland applicants
received positive media coverage in
the recent years.
The University currently offers joint
master programmes in mainland
China in collaboration with prominent
Focus on Content
Taking a Lesson to Heart
A Culture Education
An International Perspective
Intense Learning Outside the Classroom
Asian Youth Climate Summit
Raising Awareness About Africa
A Choice Destination for Top Mainland Students

11. TheUniversityofHongKongTheReview-2009
021020Community Connecting with the wider Community
ConnectingwiththeWiderCommunity
Quality and utility underscore our
efforts and this has been recognised
in several ways. Our staff have
published in many respected,
high-impact and peer-reviewed
international journals and received
high honours both in mainland China
and overseas.
Our research excellence has again
enabled us to assume the position of
the most successful university in Hong
Kong in terms of securing competitive
research funding from the Research
Grants Council (RGC). In 2008 the
University was awarded HK$148
million, which accounts for 29% of
the total funding allocated to all eight
local universities. The University has
received a total of HK$1,412 million
from RGC Competitive Earmarked
Research Grant since 1991, more
than any other tertiary institution in
the territory.
The research output of the University's
academic staff is substantial. About
6,700 items of research output were
published during 2006-07; many of
them in international journals, and
over 70% were refereed.
HKU has been taking an active role in
strategic international alliances with
universities and research institutions
worldwide. It has academic links
with more than 400 overseas
universities and plays host to over
3,300 international students. The
University is committed to cultivating
internationalism on campus and
to supporting staff and student
mobility projects and international
programmes at all levels.
The University is a founding member
of Universitas 21, a network of
comprehensive research intensive
universities covering all corners of the
globe. One of the main objectives
of Universitas 21 is to assist in the
aspiration of its members to become
global universities and to advance
their plans for internationalisation.
Our Olympic
Contributions
The HKU Worldwide Undergraduate
Student Exchange Programme,
established in 1997, enables over ten
per cent of our undergraduate student
population to undertake exchange at
institutions overseas or in Mainland
China. Its close links with 150 partner
institutions in 25 countries worldwide
serves to enhance students' global
perspective and foster cross-cultural
understanding among students of
participating institutions.
While the University is fostering the
concept of a worldwide classroom,
the academic collaboration and
bonding with the universities in
the Mainland remain close. The
HKU Worldwide China Programme
has actively involved students to
participate in different academic
and internship programmes with
the most prestigious universities and
corporations in Mainland China to
develop cross-disciplinary skills. The
key universities that the University
closely works with include Tsinghua
University, Peking University, Fudan
University, Shanghai Jiao Tong
University, Zhejiang University, Nanjing
University, Xiamen University and Sun
Yat-sen University, on undergraduate
student exchange and joint
postgraduate programmes. The first
batch of undergraduates admitted
to the University on a scholarship
scheme graduated in 2002.
Following a new Hong Kong
government policy, the University
expanded since 2002 its original
scheme for the admission of
undergraduates from the Mainland
with Scholarships to cover
students who are not supported by
scholarships. For the year 2008-2009,
the university admitted 265 fee-
paying mainland students from the
12,011 who applied. HKU is the
most popular Hong Kong university
choice of mainland students and its
popularity among mainland applicants
received positive media coverage in
the recent years.
The University currently offers joint
master programmes in mainland
China in collaboration with prominent
universities in Shanghai, Shenzhen,
and Chongqing. These joint
programmes include master degrees
in business administration, social
work, social service management,
real estate, construction project
management and finance.
Climate Change and
War
HKU has many on-going research
connections with institutions and
universities around the world. One
of the most notable international
collaborative efforts is the HKU-
Pasteur Research Centre. Established
in 1999, the Centre combines the
interests of both the University
and the Institut Pasteur in battling
infectious diseases. HKU also signed
a memorandum of understanding
in the summer of 2002 to set up a
twin research centre with the Aaron
Diamond AIDS Research Centre in
New York. In January 2003, the
first ever human Genome Research
Centre was established in Hong
Kong together with the Hospital for
Sick Children (HSC) of Toronto (an
affiliation of the University of Toronto,
Canada).
The World Trade Organisation (WTO)
recognises HKU as a leading tertiary
education institution in Asia. In 2004,
HKU was selected as the official WTO
training centre for the Asia-Pacific
Region, and has since been running
regional trade policy courses for
government officials from over 30
jurisdictions in the region.
C A
R
E
S

12. 020An Extract from the University's Annual Account 2008-09
AnExtractfromtheUniversity'sAnnualAccount2008-09
An Extract from the University's Annual
Account 2008-09
30 June 30 June 31 December
US$’000 US$’000 US$’000
Results
Revenue 909,872 455,361 1,177,292
Time charter equivalent earnings 586,430 269,229 700,473
Gains on disposal 38,610 50,247 137,437
Operating profit 343,027 167,746 488,840
Finance costs (20,957) (10,244) (24,103)
Net profit attributable to shareholders 337,587 162,934 472,125
Balance Sheet
Total assets 1,036,235 1,654,336
Net cash/(borrowings) 191,996 (236,315) (10,730)
Shareholders’ equity 599,530 867,567
Cash 804,309 83,251 649,535
Capital commitments (225,318) (291,366)
Cash Flows
Operating 284,227 97,017 313,979
Investing 10,195 101,982
Financing 54,031 (87,203) 170,332
Change in cash 120,711 20,009 586,293
Per Share Data HK HK dollars HK dollars
Basic EPS 1.62 0.81 2.34
Dividends 0.76 0.45 1.20
Operating cash flows 1.37 0.97 1.56
Net book value 5.96 2.98 4.27
Share price at period end 11.14 8.80 12.58
Market capitalisation at period end HK$19.4 HK$13.8 bn HK$19.9 bn
Ratios
Net profit % 58% 61% 67%
Payout ratio 50% 55% 52%
Return on average assets 39% 35% 46%
Return on average equity 68% 63% 78%
Total shareholders’ return (5%) 84% 171%
Number of full time shore based staff per vessel 2.5 2.5 2.5
Net cash/(borrowings) to book value
of property, plant and equipment 21% (30%) (1%)
Net cash/(borrowings) to shareholders’ equity 14% (39%) (1%)
Interest coverage 18.1X 18.8X 22.2X
1. GENERAL INFORMATION
Pacific Basin Group’s unaudited net profit for the six months ended 30 June 2008 was US$337.6 million including
US$38.6 million of disposal gains. Profit before disposal gains was US$299 million, up 165% on the US$112.7
million earned in the first half of 2007. Basic earnings per share were HK$1.62 (2007: HK$0.81). The increased profit
was mainly driven by increased revenue days (up 22%) and higher daily charter rates (up 69%).
The Group delivered a return on average shareholders’ equity during the period of 68% (2007: 63%). The Board
has declared an interim dividend of HK 76 cents per share (2007: HK 45 cents) which represents a payout ratio of
50% of earnings (2007: 55%). The Board’s objective continues to be to pay a generous dividend to shareholders
whilst reinvesting sufficiently in the Group’s businesses to ensure their development. To that end, the Board has
decided to continue the Company’s policy of paying out a minimum of 50% of profits attributable to shareholders
but, in future, to exclude vessel disposal gains. This change will allow for the reinvestment of disposal gains, which
had previously been included in dividend distributions, to enable Pacific Basin to take advantage of appropriate
growth opportunities.
2. BASIS OF PREPARATION
The dry bulk market has been much stronger during this period than in the first half of 2007 as a result of continued
robust demand for commodities and limited supply of new vessels. However, freight rate volatility has been high as a
result of the global fleet of dry bulk vessels operating very close to full capacity. We have so far witnessed few signs
of a slow-down in demand for dry bulk shipping services, despite the weakening global economy. Under these very
strong market conditions,
The Group delivered a return on average shareholders’ equity during the period of 68% (2007: 63%). The Board
has declared an interim dividend of HK 76 cents per share (2007: HK 45 cents) which represents a payout ratio of
50% of earnings (2007: 55%). The Board’s objective continues to be to pay a generous dividend to shareholders
whilst reinvesting sufficiently in the Group’s businesses to ensure their development. To that end, the Board has
decided to continue the Company’s policy of paying out a minimum of 50% of profits attributable to shareholders
but, in future, to exclude vessel disposal gains. This change will allow for the reinvestment of disposal gains, which
had previously been included in dividend distributions, to enable Pacific Basin to take advantage of appropriate
growth opportunities.
3. ACCOUNTING POLICIES
The dry bulk market has been much stronger during this period than in the first half of 2007 as a result of continued
robust demand for commodities and limited supply of new vessels. However, freight rate volatility has been high as a
result of the global fleet of dry bulk vessels operating very close to full capacity. We have so far witnessed few signs
of a slow-down in demand for dry bulk shipping services, despite the weakening global economy. Under these very
strong market conditions, The dry bulk market has been much stronger during this period than in the first half of
TheUniversityofHongKongTheReview-2009
023
The University of Hong Kong Consolidated Income and Expenditure
Statement
For the year ended June 30, 2008