The Chinese University of Hong Kong — Finance Overview & Endowment

This article outlines the financial structure and principal donations of The Chinese University of Hong Kong (CUHK). Income figures follow the University's official annual reports and financial statements; data for specific financial years can be found at the Finance Office website^※. CUHK's financial year runs from 1 July to 30 June.

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# 1. Structure of income sources

The Chinese University of Hong Kong's income sources fall mainly into the following categories (consistent with the pattern across UGC-funded universities in Hong Kong):

For total income figures and the breakdown by category, see the annual financial reports^※ (updated each year). The 2023–24 annual report is publicly available on the official website; those figures are the most authoritative source. For how tuition and self-financing programmes underpin this income line, and how the UGC triennium allocations are calculated, see Tuition Fees & Self-Financing Programmes.

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# 2. Annual financial figures (2023/24 financial year)

Basis of presentation: CUHK's financial year runs from 1 July to 30 June the following year. The figures below follow the "Financial Review" in the official Annual Report 2023–2024, presented as two parallel sets — (1) University basis: drawn from the financial review tables (Table 1/Table 2) and the net assets analysis in the annual report; this is the primary basis used in this section. (2) Group basis (including subsidiaries): taken from the "Treasurer's report" figures released by the Communications and Public Relations Office and as reported by the press (including subsidiary entities such as the CUHK Medical Centre). These are not directly comparable with, or additive to, the University basis; they are listed separately and identified as press-sourced. Where the University has not separately disclosed an item (e.g. the combined market value of the endowment fund), this is explicitly marked "not disclosed" — no estimates are offered.

# 2.1 Total income and category shares (University basis, year ended 30 June 2024)

According to the annual report financial review (html5/66)^※, total University income for 2023/24 was HK$13,161 million (approximately HK$13.16 billion), an increase of HK$1,956 million, or 17.5%, over the prior year's HK$11,205 million^※. Category amounts and shares are as follows:

Supplementary notes:

• Of the tuition fees, the annual report indicates around 60% came from non-UGC-funded (self-financing) programmes^※.
• Interest and net investment income jumped from HK$840 million the previous year to HK$1,952 million (an increase of HK$1,112 million)^※; the annual report attributes this to the recovery of global investment markets, realised and unrealised gains on securities, and fixed-income returns in a high-interest-rate environment.
• Donations and benefactions rose from HK$564 million the previous year to HK$661 million^※.
• "Research funding" is not presented as a separate line in the table above; research-related funding is distributed across the government subventions (UGC earmarked grants) and restricted funds. Consolidated income from earmarked/restricted funds appears separately in §2.3.

# 2.2 Expenditure and surplus (University basis)

According to the annual report expenditure table (html5/67)^※, total University expenditure for 2023/24 was HK$10,227 million (prior year: HK$9,370 million^※); the total comprehensive income (surplus) for the year was HK$2,933 million, consistent with "total income 13,161 − total expenditure 10,227 ≈ 2,934".

# 2.3 Reserves / net assets (University basis, as at 30 June 2024)

According to the annual report net assets analysis (html5/65)^※, as at 30 June 2024 the University's net assets (total funds / total reserves) stood at HK$31.56 billion, an increase of approximately HK$2.9 billion, or 10.2%, over the previous year. Composition:

The annual report also records for the same period: investment assets increased by HK$4.4 billion, or 38.4%^※; cash and deposits fell to approximately HK$15.3 billion^※.

# 2.4 Endowment fund balance

CUHK maintains permanent endowment funds (naming thresholds and operation are covered in §3), but the official annual report "Financial Review" does not disclose a separate combined market value for the endowment fund — endowed/earmarked monies are subsumed within the "Restricted Funds" line of HK$26,580 million in the table above. The Office of Institutional Advancement's General Endowment Fund page^※ likewise does not state the fund's total market value.

Combined endowment fund market value: not disclosed (no separate disclosure in official public channels). This archive does not substitute third-party estimates for official figures.

# 2.5 Group basis (consolidated, as reported by the press — listed separately)

Note: the figures below come from the "Treasurer's report" on a consolidated basis (including subsidiaries) as released by the Communications and Public Relations Office and reported by the press. They differ from the University basis above and must not be conflated or added. Source: Wen Wei Po (25 December 2024)^※:

The report states CUHK's consolidated surplus more than doubled year on year, from HK$1.05 billion to HK$2.23 billion, driven mainly by overall UGC grants, supplementary grants, and earmarked grants for research/teaching/student development^※. This consolidated surplus of "HK$2.23 billion" differs from the University-basis total comprehensive income of "HK$2,933 million" because of differences in consolidation scope.

# 2.6 Sector context: reserves of the eight universities and clawback

• According to SCMP (December 2024)^※, in 2023/24 the eight UGC-funded universities in Hong Kong held combined reserves of approximately HK$139.3 billion (of which UGC-funded reserves were HK$17.6 billion and non-UGC-funded reserves HK$121.7 billion); a related report ranked CUHK's reserves second among the eight^※ (HKU was first, at around HK$41.5 billion; that report noted that only HKUST disclosed its reserve figure in detail).
• According to HK01 (April 2025)^※, under the government's arrangement requiring the eight universities to claw back part of their reserves, CUHK faced the largest clawback, around HK$1.04 billion; the report also cited CUHK's relevant reserve fund balance at approximately HK$2.893 billion (UGC-funded basis, per the April 2025 report). This basis differs from the University-basis net assets of HK$31.56 billion above (the latter includes restricted and non-UGC monies) — do not conflate the two.

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# 3. Endowment funds

According to the Office of Institutional Advancement^※, the University maintains permanent endowment funds; donors may establish a named endowment fund (Named Endowment Fund). The establishment threshold is HK$3 million, and the fund's investment returns (approximately HK$90,000 per year) support scholarships or academic purposes, with the principal retained in perpetuity.

The threshold above reflects official standards current around 2024; refer to the latest official guidelines for the current position.

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# 4. Major named donations (colleges and buildings)

# 4.1 Named colleges

Note: "Year established" is taken broadly (year of formal recognition). The five new colleges — Morningside, S.H. Ho, Wu Yee Sun, Lee Woo Sing and C.W. Chu — were announced progressively in 2006 and became fully operational in 2012 when the four-year curriculum was restored.

# 4.2 Named buildings and facilities (selected)

The above is a selection of named buildings. A full list of buildings can be found at buildings-landmarks.md.

# 4.3 Named chairs (sample)

CUHK maintains more than a hundred endowed chairs and named professorships established by donors. The full donor lineage and the scholars appointed are covered in The Named Chairs System: Donor Lineages of the Wei Lun, Choh-ming Li and Lee Quo Wei Professorships. Sample:

• The Tang Chun-I Visiting Professorship — in memory of the philosopher Tang Chun-i
• Shaw Prize Professorships series — associated with Shaw College
• Named chairs within the clinical departments of the Faculty of Medicine (named after donor families)

For the complete and current list of named chairs, refer to the University's latest announcements; see also the Annual Report 2023–2024^※.

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# 5. Major recent donations (sample)

For the latest announcements of recent donations, see the Office of Institutional Advancement website^※. Figures are as officially announced; where no official announcement exists, this archive does not estimate.

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# 6. Accessing financial reports

Annual financial reports (covering total income, expenditure by category, reserves and endowment balances) can be obtained through the following official channels:

• Finance Office — Financial Report page^※ (2023–24 and 2024–25 both published)
• Annual Report^※ (includes financial highlights and a list of donors)

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