As of 2020, the REF is valued at HK$46 billion and its investment incomes support funding research projects and research activities at the eight UGC-funded universities and the self-financing degree sector, as well as for the Tuition Waiver for local research postgraduate students.
In support of local research development, the UGC also provides funding to support the operation of the Hong Kong PhD Fellowship Scheme as well as the Areas of Excellence Scheme.