This article reports a commissioned research project on exploring the emerging issues and challenges of attracting Asian students to study in Hong Kong's higher education institutions. Findings reveal the rapidly growing demand for quality transnational education in Asia and the strengths, weaknesses, opportunities and threats of exporting Hong Kong's higher education. The challenges include the need to arrive at a consensus on the aims of internationalisation of Hong Kong's higher education, issues related to promotion strategies overseas, as well as problems of social and multi-cultural inclusion of non-local students. Drawing on the research findings, the author suggests going beyond the notion of profit-oriented vision and exploring the real mission of promoting higher education services overseas that contributes to the enhancement of higher education receivers' learning experiences and preparing students to be future leaders in a humane environment. Copyright © 2012 The Author. Higher Education Quarterly © 2012 Blackwell Publishing Ltd.