This article examines the significance of global trends in higher education (HE) development in Hong Kong between 1997 and 2012. Two trends, massification and internationalisation, are considered key driving forces that shaped Hong Kong's HE policy during the period. The former refers to government measures to widen participation in HE. The latter is associated with Hong Kong's regional education hub strategy. Universities in the city revised their governance structure in these contexts. The article first explains why massification and internationalisation entered the HE policy discourse in Hong Kong in the late 1990s, and how they were materialised by neoliberal practices in the 2000s. Subsequently, it reveals how the two trends influenced university governance by examining the development of the University of Hong Kong Group. Based on this review, this article argues that the HE development can be perceived as an extension of structural transformation of the Hong Kong economy.