HONG KONG, Nov. 11 (Xinhua) -- The Hong Kong University of Science and Technology (HKUST) Monday announced that it has received a 20 million HK dollars (about 2.59 million U.S. dollars) donation from the Li Ka Shing Foundation.

With the donation, HKUST will provide greater opportunities for the university's students to unlock and realize their potential, build the spirit of entrepreneurship and innovation, and drive forward connections between the university and the business sector.

Founder of the foundation, Li Ka-shing, also the richest man in Hong Kong, said that the integration of capabilities to propel innovation and the ability to mix technological knowledge to solving complex real world problems was a prerequisite of a good education, not an expectation.

President of HKUST Tony Chan expressed his gratitude to the foundation's support for the University, saying the donation will bring valuable learning opportunities for HKUST students, greatly helping the University to encourage the spirit of innovation and nurture next-generation leaders who can contribute to the fast-paced world through their global vision and awareness.

HKUST will apply for a Matching Grant from the Hong Kong government to enable more students to benefit from the donation. ( 1 U.S. dollar = 7.75 HK dollars)