HKUST Receives Donation from Dr. Joseph Cheung to Establish Research Excellence Award
Advancing Frontier Research in Medicine and Business
The Hong Kong University of Science and Technology (HKUST) has recently received a generous donation from distinguished alumnus Dr. Joseph CHEUNG Wang Ngai to establish the Dr Joseph W N Cheung Research Excellence Award, a new initiative designed to recognize and support outstanding research achievements at the University. The gift will be designated for HKUST's new School of Medicine and HKUST Business School, underscoring Dr. Cheung's commitment to driving research breakthroughs and nurturing future generations of scholars.
The signing ceremony was held on the HKUST campus. Witnessed by Prof. Nancy IP, President of HKUST; Prof. King LI, Founding Dean of Medicine; and Prof. FONG Yuk-fai, Associate Dean of Business and Management, the agreement was signed by Prof. Charles NG, Vice-President for Institutional Advancement of HKUST, and Dr. Joseph CHEUNG Wang Ngai, Chief Executive Officer of Oasis Investment Management Limited.
The newly established Research Excellence Award will support the forthcoming School of Medicine as well as the internationally renowned HKUST Business School. With preparatory work for the School of Medicine well underway, the University plans to admit its inaugural cohort of students in the 2028-29 academic year. The establishment of these awards will serve as a vital cornerstone, propelling the University's vision to build a world-class medical school anchored in research excellence, innovation, and interdisciplinary collaboration.
The gift will support the early-stage development of the School of Medicine and will subsequently fund the long-term operation of the awards once the school reaches maturity. Concurrently, the initiative also aims to empower the Business School in conducting forward-looking research with global impact and support promising early- and mid-career faculty members, enabling them to pursue innovative, high-quality research across a wide spectrum of business disciplines.
President Ip expressed her sincere gratitude for Dr. Cheung's generosity, noting, "HKUST's progress over the past 35 years has been made possible by the unwavering support of our alumni, friends, and partners who share our mission. Dr. Cheung's generous gift comes at a pivotal moment as we advance our plans for Hong Kong's third medical school and further strengthen our leadership in research and innovation.
Through the establishment of the Research Excellence Award, we will empower our faculty to pursue bold ideas, challenge conventional thinking, and drive discoveries that advance healthcare, inform policy, shape industries, and create lasting benefits for society. We are deeply grateful for Dr. Cheung's steadfast commitment to HKUST and for partnering with us to build a future where research excellence continues to thrive and benefit society."
Dr. Cheung, who earned both a Doctor of Business Administration and a Master of Science in Global Finance from HKUST, and whose daughter, Alison, also studied at the HKUST Business School, stated that the donation was motivated by a deep sense of gratitude to the University, which has profoundly shaped two generations of his family.
"As an alumnus of HKUST, I have experienced firsthand the transformative power of the University's education. HKUST has played a pivotal role in shaping my professional journey, and it has also enriched the lives of my family members. Through the Research Excellence Award, I hope to support outstanding scholars in pursuing ambitious research that advances knowledge, addresses important societal challenges, and contributes to a better future."
The Dr Joseph W N Cheung Research Excellence Award encapsulates the shared vision of HKUST and Dr. Cheung to advance knowledge, nurture outstanding talent, and benefit society through impactful research. As a global top-50 institution steadily elevating its international stature, the University looks forward to the groundbreaking discoveries this initiative will inspire, paving the way for profound and transformative contributions to society.
About The Hong Kong University of Science and Technology
The Hong Kong University of Science and Technology (HKUST) (https://hkust.edu.hk/) is a world-class university renowned for its excellence in innovative education, research, and impactful knowledge transfer. Adopting a holistic and interdisciplinary approach to education, HKUST was ranked 33rd globally and 6th in Asia in the QS World University Rankings 2027 and QS Asia University Rankings 2026, respectively. It was also ranked 20th worldwide in the Times Higher Education Sustainability Impact Ratings 2026, placing first among universities in Hong Kong and the Chinese Mainland for the third consecutive year. Eleven HKUST subjects were ranked among the world's top 50 in the QS World University Rankings by Subject 2026. In addition, HKUST's Computer Science discipline, which encompasses areas such as artificial intelligence and machine learning, was ranked No. 1 in Hong Kong for the tenth consecutive year in the Times Higher Education World University Rankings by Subject 2026. Its graduates are highly competitive, consistently ranking among the world's top 30 most sought-after employees. In research and entrepreneurship, more than 80% of HKUST's research was rated "world-leading" or "internationally excellent" in the University Grants Committee's Research Assessment Exercise 2020. As of September 2026, HKUST members have founded more than 2,000 active start-ups, including 11 unicorns and 23 successful exits through initial public offerings (IPOs) or mergers and acquisitions (M&A).
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