prakhag,
I am a current HKUST student. The following classes are offered in our Information Systems and Operations Management (ISOM) area:
Operations Management
Information & Technology Management
Business Simulation and Strategic Decisions
Information Systems Outsourcing Management
Electronic Commerce
Computer and Internet Security Management
Information and Entreprensurship Management
Business Modeling
Information Systems Assurance and Forensic Investigation
From my knowledge, specializations in IT were popular in the late 1990's and early 2000's (HKUST had a IT track as well years ago). My guess is that the IT tracks in most B-Schools were considered to overlap with Consulting too much or were too specialized.
The school and students do meet with technology firms (both in industry and consulting) for events and potential opportunities.
Hong Kong is a finance hub, but finance is supported by technology (I was a BI consultant for Financial Services in the US). Many other companies have opportunities in their technology areas. Additionally, HK is trying to build up it IT capabilities through entrepreneurial programs throughout the city so there are many start-ups beginning in Hong Kong focused on technology. Lastly, the proximity to Shenzhen is good for technology as major R&D facilities and mainland companies are based there.
Hopefully that helps.