Li Ka-shing believes that knowledge can reshape destiny and wishes to focus his philanthropic efforts on not only advanced studies and research, but also basic education. This gift will enable St. Paul's Co-educational College (SPCC) to proceed with deliberate speed to transform itself from a good local school to a great world-class institution.

The donation will be used towards two different projects, one of which is the construction of a new 6,800-sq.m. building to expand the SPCC campus to improve its extra-curricular and academic facilities. This newly constructed building will be named the "Li Chong Yuet Ming Building," in memory of Mr. Li's late beloved wife.

Currently, SPCC's campus is very cramped as it is under-provisioned by 40 percent in terms of space when compared to the minimum standard premises provided by the Government for schools of similar enrollment. As such, it is planned that upon the merging and relocation of the two affiliated primary schools to the new primary school premises at Wong Chuk Hang in 2008, the HK$130 million (US$16.7 million) project will be undertaken to refurbish the existing secondary school premises and to demolish the adjacent MacDonnell Road Primary School building and in its place construct a new building.

In addition, the donation will help SPCC establish the "Li Chong Yuet Ming Care Fund" to provide financial aid for needy students. SPCC has been serving the community since its establishment. The school is determined to uphold its tradition of serving the community by educating talented students from a wide social spectrum to become altruistic leaders.

In this connection, SPCC has put into place a quota-free "Fee Remission Scheme" to provide up to 100 percent fee remission to needy students. Although students can also apply for subsidies from the government toward transportation and textbook expenses, Li Ka-shing is aware that the aforementioned subsidies may not be sufficient to cover all the expenses of those in great financial need. Therefore, he decided to establish the "Li Chong Yuet Ming Care Fund" to offer additional living allowances so students can concentrate on their studies without being subject to any unnecessary financial burden.