Li Ka-shing made a donation to The Hong Kong Academy of Medicine in August 1998 towards the construction of a new building. The contribution is part of an effort to support medical development, encourage lifelong medical education, enhance professionalism, and thus help to improve health care services for the people of Hong Kong.

The academy is an independent institution with the statutory power to organize, monitor, assess, and accredit all medical specialist training and to oversee the provision of continuing medical education. Currently 15 constituent specialty colleges exist within the academy. The 10-story building of the Academy was officially opened in November 1998, with one level named after the late Li Chong Yuet-Ming.