Co-curricular activities in general are believed to be useful for students' development, such as improvement in academic performance, higher retention rate, enhancement of social and competency skills, and assistance of youth development and employment. With the expansion of the education sector and the implementation of a new 3-3-4 education system in Hong Kong, the background and training of students is different from the past, so it is worthwhile investigating students' interest, understanding and perceptions about co-curricular activities nowadays in an Asian context. Comparison between the perceptions of sub-degree and degree students is discussed. Similarities and differences are found in both groups of students. Based on the findings, suggestions are made to education institutions in planning their resources on co-curricular activities.