CityU Endowment Funds and Fundraising Campaigns — From Anniversary Appeals to Matching Grants

From the "quiet phase" launched discreetly in 2014, to the HK$2.5 billion target hit eighteen months early in 2022, and on to the "Endowment Campaign" unveiled alongside the University's 30th anniversary in 2024 — CityU's fundraising story is a history of ever-escalating financial leverage. The headline: City University of Hong Kong (CityUHK) completed its largest-ever comprehensive fundraising campaign, "United, We Soar," in November 2022^※, raising over HK$2.5 billion^※ — roughly 18 months ahead of its original 2023 target. In November 2024, leveraging the momentum of the University's 30th anniversary, it officially launched its first University-wide "CityUHK Endowment Campaign." More than 35 endowed funds were jointly established at the outset by alumni, Council members, and business supporters. The government's UGC Matching Grant Scheme, across eight rounds, has matched over HK$10 billion^※ in total for funded universities, serving as a systemic lever that amplifies the value of CityU's private donations. For an overview of annual income and expenditure, see the parent card finances.md; for a donor-by-donor breakdown of named benefactions, see benefactors-and-donors.md.

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# 1. Why CityU Needs an Endowment — The Structural "Where the Money Comes From"

# Why Can't CityU Rely Solely on Government Funding for Revenue?

City University of Hong Kong is a statutory, publicly funded university under the aegis of the University Grants Committee (UGC). The government block grant is its single largest source of income. According to the 2024/25 Financial Report^※, total government subventions amounted to approximately HK$3,790 million, accounting for roughly 48% of the University's total income (approximately HK$7,864 million before a reserve clawback) — though the block grant's share of total income has been narrowing year by year (details in ugc-block-grant-and-research-funding.md). Government funding is subject to the policy budget cycle; a university relying on this source alone has limited flexibility to invest in emerging disciplines. Against this backdrop, self-generated income — tuition fees, donations, and investment returns — has become a critical buffer for maintaining CityU's financial autonomy. An endowment fund, as a long-term financial instrument where the principal is held in perpetuity and only the annual investment yield is spent, can sustainably nourish scholarships, named professorships, and research projects without depending on a single year's appropriation.

# What Is the Mechanism of an Endowed Fund?

CityU's endowed funds operate on the core principle of a perpetual principal with annual payouts from income. According to CityU's official giving page^※, the donated principal is "kept intact as principals and managed as endowment funds on a perpetual basis." The principal is permanently managed according to the University's internal guidelines, and the investment yield generated each year is allocated according to the donor's designated purpose (such as scholarships, named professorships, research projects, or community initiatives). This differs from a standard restricted donation that is "spent upon receipt": an endowed fund is not "exhausted," but instead releases its annual yield, achieving a perpetual effect — "one gift, sustained impact." CityU also offers endowed fund donors recognition including naming rights, listing on the University's Donor Register, membership in the CityUHK Foundation, and invitations to special events, depending on the scale of the donation and mutual agreement.

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# 2. "United, We Soar" — CityU's Largest-Ever Fundraising Campaign

# When Did "United, We Soar" Launch, and What Was Its Scale?

"United, We Soar" (同心展飛躍) was the first-ever comprehensive, university-wide fundraising campaign in CityU's history, and its largest. The campaign entered its quiet phase in 2014^※, privately soliciting commitments from major donors, and was publicly launched on 1 December 2020^※ with a goal of raising HK$2.5 billion^※ over ten years (by 2023). The campaign targeted four key support areas: strategic initiatives, education and research, student development, and campus development.

# How Much Did the Campaign Ultimately Raise, and How Far Ahead of Target?

On 24 November 2022^※, CityU announced that "United, We Soar" had raised over HK$2.5 billion, a result achieved roughly 18 months ahead of the original 2023 deadline. More than 6,500^※ supporters participated, including Council and Court members, alumni, faculty, staff, and members of the public — making it the single largest fundraising action in CityU's history in terms of donor mobilisation. The campaign's leadership structure was convened by the Council Chairman (Honorary Campaign Chairman) and the Vice-Chancellor and President, propelled by four Co-Chairmen (Dr. Yeung Kin-man, Professor Herman Hu Shao-ming, Mr. Lau Ming-wai, and Dr. Wang Zhenhan).

# How Were the "United, We Soar" Proceeds Allocated?

According to the campaign's design framework, funds raised were distributed across the four pillars; the University has not released the precise percentage breakdown for each. Projects to which funds can be tracked include the Jockey Club One Health Tower (one of the sources for its construction), the Ma On Shan Student Residence Village (hostel development), the International and Development Tower, and other major campus development projects, as well as endowed professorships and student scholarships. Furthermore, the campaign's timeline significantly overlapped with the government's eighth-round Matching Grant Scheme (2019–2021), meaning that a portion of the research-related donations secured by CityU during "United, We Soar" were also eligible for government matching, further amplifying the total funds available (see Section 3).

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# 3. The Government's Matching Grant Scheme — The Systemic Lever That Amplifies Donations

# What Is the UGC's Matching Grant Scheme? How Many Rounds Have There Been?

The Hong Kong Government's Matching Grant Scheme (MGS) was established in 2003 and is coordinated by the University Grants Committee (UGC). Its purpose is to "match," on a proportional basis, the private donations raised by universities with government funds, thereby incentivising sustained philanthropic investment in higher education. The scheme has spanned eight rounds (the most recent being the "Research Matching Grant Scheme"), with its historical timeline as follows:

Note: The 7th round was a standalone scheme designed exclusively for "local self-financing post-secondary institutions." The eight UGC-funded universities (including CityU) participated in the 8th round and the Research Matching Grant Scheme. Across the first six rounds, UGC-funded institutions collectively raised roughly HK$14.8 bn in private donations, matched by approximately HK$7.4 bn from the government^※.

# How Does the Matching Grant Scheme Work in Practice?

Taking the 6th round (2012–2014) and 8th round (2019–2021) as examples, the matching mechanism employed a "tiered matching, first-come-first-served" approach: for each institution, the portion of donations up to HK$60 million^※ was matched dollar-for-dollar (HK$1 of government funds for every HK$1 donated). Once a donation exceeded the HK$60 million threshold, the government matching shifted to a 2:1 ratio^※ (HK$1 of government funds for every HK$2 donated), up to a ceiling of HK$600 million^※ in matching funds per institution, allocated on a first-come-first-served basis. This mechanism created a powerful incentive for fundraising — the sooner and faster a university secured donations, the larger the matching grant it could secure.

# How Did CityU Perform in the 8th Round?

The 8th-round Matching Grant Scheme (1 July 2019 to end of March 2021) was originally scheduled to run until 2022. However, given the enthusiastic fundraising response from participating institutions even amid the ongoing COVID-19 pandemic, the HK$2.5 billion total matching pool was fully allocated ahead of schedule by the end of March 2021^※. The ten participating institutions collectively raised approximately HK$5 billion in private donations^※. CityU's "United, We Soar" campaign significantly overlapped with the 8th round (the campaign was publicly launched in December 2020, and the 8th round was completed in March 2021). The two timelines created a synergy. Summarising the round's effectiveness, the UGC Chairman noted that the scheme "has been successful in cultivating a stronger philanthropic culture in the community towards investment in education, diversifying funding sources and securing additional resources."

# What's New in the 2025 Research Matching Grant Scheme?

The latest round, the "Research Matching Grant Scheme (RMGS)," operates from 1 May 2025 to 30 April 2029^※, with the government earmarking HK$1.5 billion^※. Unlike previous matching grant rounds, this new round is explicitly designated for "research matching." Matched funds must be used specifically to support designated research projects/initiatives/activities, including the procurement of major research equipment, technology licensing, patent applications, research personnel salaries, and research studentships. They cannot be used to establish or contribute to the principal of a university endowment fund. The scope of participating institutions expands from the previous 10 to 21 institutions^※ (the proper and self-financing arms of the eight UGC-funded universities, plus 13 local self-financing degree-awarding institutions). CityU's 2024/25 Treasurer's Report also disclosed that the University is actively raising funds to align with applications for this new round of research matching grants (for a detailed breakdown of UGC block grant and RGC competitive funding, see ugc-block-grant-and-research-funding.md).

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# 4. The 2024 CityUHK Endowment Campaign — From Comprehensive Fundraising to Perpetual Cultivation

# What Is the CityUHK Endowment Campaign? When Did It Launch?

The "CityUHK Endowment Campaign" is the first university-wide fundraising campaign in CityU's history centred on endowed funds as its core instrument. It was officially launched on 24 November 2024^※ — the very day of the grand gala dinner celebrating both CityU's 30th anniversary and the 10th anniversary of the CityUHK Foundation. Themed "Eternal Impact to Empower Generations," the campaign is structured around four pillars: Strategic Initiatives, Education & Research Development, Student Development, and Community Engagement. It represents a new phase, following the comprehensive "United, We Soar" campaign, in which CityU moves towards a longer-term, structurally embedded culture of philanthropic giving.

# How Many Funds Exist So Far Under the Endowment Campaign? Who Is Participating?

At the campaign's launch, CityU invited alumni, Council members, and community supporters to establish individually named endowed funds. As of the campaign's unveiling, 35 individually named endowed funds had already been established^※, exceeding the original target of 30. Participants include alumni, members of the Council and Court, business leaders, and friends from various sectors — a reflection of the broad community network CityU has built over 30 years in Hong Kong and the Greater Bay Area. CityU provides endowed fund benefactors with recognition including naming rights, naming ceremonies, listing on the Donor Register, and Foundation membership.

# What Are the Signature Donations of the Campaign? What Is the Recent Scale of Foundation Fundraising?

The CityUHK Endowment Campaign has attracted several major gifts. China Hongqiao Group Limited announced a donation of HK$70 million^※ at the campaign launch gala, to support research projects and establish the "Hongqiao Endowed Fund for Community Care" — a fund designated as a perpetual community welfare vehicle, already supporting community health projects like the "Hongqiao Cardio-cerebrovascular Health Protection Scheme." Moreover, fundraising totals at the CityUHK Foundation's annual gala dinners have continued to hit record highs: the dinner held on 31 March 2026 raised HK$49 million in a single evening^※, shattering all previous single-event records (a significant leap from the roughly HK$12 million raised in 2017), reflecting a sustained rise in philanthropic enthusiasm for the University.

Key recent donation sources are summarised below:

For a donor-by-donor breakdown of named benefactions (which building, which professorship corresponds to which donor), see the companion piece benefactors-and-donors.md.

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# 5. How CityU's Endowment Funds Are Actually Managed — Is There a "Total Market Value"?

# Does CityU Have a Single "University Endowment Fund" With a Publicly Disclosed Total Market Value?

To date, CityU has not established and separately listed in its official annual reports or public documents a single, consolidated "University Endowment Fund" — the likes of which exist at Harvard, Yale, or even as CUHK's "United College Endowment Fund" — and publicly reported its total market value. CityU's long-term assets are managed through several distinct, purpose-specific funds:

• Hostel Development Fund (HDF): Supported by the UGC's Hostel Development Fund, this is managed by external professional investment firms under a diversified strategy with ongoing risk monitoring. As of 30 June 2025, the HDF has accumulated investment returns of approximately HK$764 million^※, which are deferred to offset future hostel capital expenditure and depreciation.
• HK Tech 300 Angel Fund: CityU has earmarked HK$400 million^※ as an angel investment fund for its flagship entrepreneurship ecosystem, "HK Tech 300" (founded 2021). As of 30 June 2025, approximately HK$198 million^※ has been disbursed, supporting over 900 start-up teams.
• Individually Named Endowed Funds: The various named funds established under the Endowment Campaign operate with a perpetual principal and annual yield disbursements; the University has not disclosed the individual market value of each fund.

CityU's overall net investment portfolio return reached HK$623 million for the 2024/25 fiscal year (on a University-proper basis)^※, a notable increase from approximately HK$422 million the previous year. However, this figure reflects the combined return on all long-term asset portfolios (including the HDF, reserve investments, etc.), not the return on a single "university endowment fund."

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# 6. Financial Impact of Endowments and Fundraising — Historical Trends

# How Significant Is Donation Income in CityU's Financial Reports?

According to the 2024/25 Financial Report^※, within CityU's income (on a University-proper basis), "Donations & Benefactions" recognised in the accounts totalled approximately HK$130 million^※. However, the actual amount of donations received reached roughly HK$207 million (on a consolidated basis)^※ — the difference of roughly HK$75 million represents donations with designated purposes that must be deferred for future recognition (mainly for capital works or specific research projects). While the total donations received of HK$207 million represents only about 2.6% of the University's total income, a seemingly modest share, their function far outstrips what an "income share" percentage suggests: the principal of endowment gifts is not reflected in annual income figures at all. Its impact accumulates year by year and is released in perpetuity.

# What Is the Trend in Donations Recognised?

The amounts actually received were roughly flat across the two years, but the amount recognised in income rose, indicating that a larger share of donations could be immediately recognised in 2024/25 (a relatively smaller proportion was deferred). The single largest donation source was The Hong Kong Jockey Club Charities Trust (allocations of approximately HK$99.16 million in 2024/25)^※, directed towards the construction of the Jockey Club One Health Tower and four community service programmes. For a detailed list of named donors, see the companion piece in this module, CityU Benefactors and Donors Registry.

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# 7. Tracing the Three Main Threads

CityU's history of endowments and fundraising can be understood along three main tracks:

1. "United, We Soar" (2014–2022): CityU's first comprehensive university-wide fundraising campaign, targeting HK$2.5 billion and actually exceeding it roughly 18 months ahead of schedule (by November 2022); its timeline was highly synergistic with the government's 8th-round Matching Grant Scheme, effectively multiplying the campaign's impact.

2. The Government's Matching Grant Scheme System (2003–present): Across eight rounds, the scheme has matched over HK$10 billion for UGC-funded universities, with CityU as an eligible participant in each round. The 8th round (2019–2021) matched HK$2.5 billion, leveraging approximately HK$5 billion in private donations. The latest Research Matching Grant Scheme 2025–29 has earmarked HK$1.5 billion but is explicitly restricted to research use and cannot inject principal into endowment funds.

3. The "CityUHK Endowment Campaign" (2024–ongoing): Timed with CityU's 30th anniversary, this formally adopts the "endowed fund" as the new core instrument, signalling a strategic pivot from a "sprint-style" fundraising campaign to a "long-term accumulation" model of perpetual giving. The founding of the first 35 named endowed funds, the flagship HK$70 million donation from China Hongqiao Group, and the new record of HK$49 million raised at the 2026 Foundation gala dinner all underscore the significant scale of this phase at its inception.

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# Key Points at a Glance

1. "United, We Soar" (2014–2022): Target of HK$2.5 billion, completed by November 2022, 18 months early; over 6,500 participants; CityU's first comprehensive fundraising campaign.
2. Government Matching Grant Scheme (2003–2021): Across eight rounds, the UGC matched over HK$10 billion; CityU a participant in every round; 8th round (2019–2021) matched HK$2.5 billion, leveraging approx. HK$5 billion in private donations.
3. Research Matching Grant Scheme 2025–29: A new HK$1.5 billion round, restricted to research use, cannot fund endowment principal; 21 institutions participating.
4. "CityUHK Endowment Campaign" (2024–): First university-wide endowment campaign, launched 24 November 2024, with over 35 named funds at the outset; signature Hongqiao donation of HK$70 million.
5. Annual Donation Scale (2024/25): Actually received approx. HK$207 million; single largest gift was HK$99.16 million from the Jockey Club; HK$130 million recognised in income accounts; Hostel Development Fund cumulative investment returns exceed HK$764 million.
6. Not Found: No official public disclosure by CityU of a single "total market value for a consolidated university endowment fund" — long-term assets are managed separately through vehicles such as the Hostel Development Fund, the HK Tech 300 Angel Fund, and various individually named endowed funds.

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