University entrepreneurialism has been adopted as a way of promoting quality education in Hong Kong. In light of the role of the state in Hong Kong's changing higher education governance, this article critically reviews the rationale for privatising and corporatising the university sector. With a focus on the current trends of privatisation and corporatisation, the article discusses and examines how the entrepreneurial culture has changed university governance in Hong Kong and whether these changes have boosted Hong Kong's academic diversity, particularly when the Hong Kong government has set as its vision the promotion of the city as a regional hub of higher education. (Contains 1 table and 3 notes.)