The Hong Kong Polytechnic University, formerly known as Hong Kong Polytechnic (PolyU), first established in 1972, was granted university status in 1994. PolyU is committed to providing application-oriented education to meet society's need for skilled and professional workers. Since its inception, PolyU has produced over 187,000 graduates. In addition, PolyU has formed excellent partnerships with the business and commercial sectors to promote the success of Hong Kong's economic development.

In June 2000, the Foundation donated HK$100 million (US$12.8 million) to PolyU to promote the further development of continuing education opportunities for working adults to upgrade their professional skills.

This donation, which is the largest donation ever received by Hong Kong Polytechnic University, will also support PolyU's efforts to provide better quality service support to the private sector, including training, research and development, and professional consultation. This in turn will boost the continuing development of Hong Kong industry and enhance its global competitiveness.

In September 2001, the Hong Kong Polytechnic University announced that a new 18-story building erected in the center of the campus would be named Li Ka Shing Tower in recognition of the Foundation's contribution.