blueram - i will be quite honest and blunt on the hku vs hkust topic.
I got admitted to both schools - chose hkust. Came to HK and saw the true story.
HKU is a good school but does not have the calibre, outlook and quality of HKUST. Last semester we had a professor from HKU who won the "best teacher award" there and taught us a course....and he was the worst professor we had in our semester.. so you can imagine the difference in academic levels...
in all recruiting events we went to - if there were a group of 50 mba students invited, more than 35 are from HKUST, while the remaining were from CUHK and HKU.
HKUST is a far better school overall in terms of reputation, student body, and academic endeavour. Hope this helps your decision making process.