Hong Kong University is the first in Hong Kong and also first in Asia. This is because they have excellent programs in Bachelor programs like Business and Law, Medicine.
Chinese University and University of Science and Technology (UST) would come very closely with one another. Chinese University is an older university, they also have very medicine program.
UST is growing very quickly recently as they are doing very good with programs like accounting and global business.
Polytechnic University is behind the top 3. They have very good hospitality and design programs.
The other universities according to ranks are: Hong Kong City University, Hong Kong Open University, Hong Kong Baptist and Ling Nan University. The Hong Kong Institute of Education is a university that specializes in education. Lastly, there is the Hong Kong Shue Yan University which is recently converted from a college to a university.
Myself having lived in Hong Kong many years and detailed research into different universities for my undergraduate program.