Internationalization becomes increasingly important in higher education in a globalized world. Exporting higher education services by recruiting overseas students is an integral facet of internationalization of higher education. It not only helps develop the place as an education hub but also facilitate internationalized environment of higher education. Alongside this global trend, Singapore, Malaysia, and Hong Kong are of no exception and have embarked on the process of internationalizing their higher education campuses by recruiting more international students, striving for achieving the policy goal of developing themselves into regional education hubs. Hong Kong has no doubt had some comparative advantages over other Asian competitors in the region but there are several major hurdles it needs to overcome before it can successfully export its higher education services. This paper reports part of a territory wide study in order to highlight the strengths and weaknesses of exporting Hong Kong's higher education to the Asian markets. In addition, to counteract the economic driven imperatives in restructuring higher education, the author would like to caution the importance of going beyond income generation and put forward a question of what the real aim and mission of internationalization of higher education are in the Asian region.