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Sir Frederick Lugard, the then Governor of Hong Kong, laid the foundation stone for the University, signifying the birth of Hong Kong's first tertiary institution.
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The University launched its official opening with its founding Faculty of Medicine which had evolved from the Hong Kong College of Medicine, founded in 1887.
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The University held its first congregation, with just 23 graduates.
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In 1937, Queen Mary Hospital opened and has served as the University's teaching hospital since that time. Before the outbreak of the Second World War, which temporarily arrested the otherwise steady progress of the University, there were four Faculties - Arts, Engineering, Medicine, and Science.
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The study of architecture was first introduced to the University in 1951.
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In 1956, it established a Department of Extra-Mural Studies to provide continuing adult education in response to the demands of a rapidly-changing society.
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In 1961 when the University celebrated its golden jubilee it had more than 2,000 students, four times greater than in 1941.
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The Faculty of Social Sciences was established in 1967
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In 1982, the Faculty of Dentistry, based at the Prince Philip Dental Hospital, was established. It remains the territory's only faculty producing dental professionals.
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In 1984, both the School of Architecture and School of Education became fully-fledged faculties, and in the same year a separate Law Faculty was created.
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After 1989, the Hong Kong government began emphasising local tertiary college education, retaining many local students who would have studied abroad in the United Kingdom.
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In 1992, in response to the needs for continuing education, the Department of Extra-Mural Studies became the School of Professional and Continuing Education (HKU SPACE).
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The Faculty of Business and Economics, the tenth and youngest faculty, was established in 2001.
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In January 2006, despite protest from some students and various alumni, the Faculty of Medicine was renamed as the Li Ka Shing Faculty of Medicine "as a recognition of the generosity" of Mr. Li Ka Shing and his Foundation, who pledged HK$1 billion in support of the University "general development as well as research and academic activities in medicine".